CIMB approves Malaysian banks' interest rate hike

The bank believes it is well-equipped to implement the rate growth.

CIMB reveals that the interest rate hike from Bank Negara Malaysia supports Malaysia's current strong growth, according to a statement by CIMB Group's chief executive Tengku Dato' Sri Zafrul Aziz.

Aziz also said that CIMB is always ready with whatever macro situation locally or globally.

Here's the full statement from CIMB's group chief executive:

BNM's rate hike is something that we have been expecting. Going forward, we feel that this is still supportive of Malaysia's current strong growth trajectory. The modest 25 bps hike is something that we feel the market is able to absorb, particularly with the stronger Ringgit and with the government having a firm grip on inflation. We do not expect any further interest rate hikes in the near term, but whatever the macro situation, CIMB is ever ready and well-equipped to help our customers navigate interest rate hikes and other business challenges, whether in Malaysia or in ASEAN.

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