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PFR to replace BLR

"It stressed that the proposed changes would not have an impact on effective lending rates charged to retail borrowers. Effective
lending rates are determined by a range of factors, including the bank’s assessment of a borrower’s credit standing, it pointed out.

The new reference rate will be used for the pricing of new retail loans and the refinancing of existing loans after the effective date of the
new framework. Existing loans will continue to be referenced against the BLR."