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Retirees impacted by low interest rates

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While interest rates have been on a falling trend globally, especially in the more developed economies, the trend seems to have caught on in Malaysia.

“I can find that some banks still do offer up to 2.25% per annum for a longer tenure of placement, ” said a retiree.

The fall in the overnight policy rate began this year and accelerated as the Covid-19 pandemic spread. The OPR is now at 1.75% and economists are already expecting another 25-basis-point reduction in September. “Retirees need to be cautious when chasing for returns, as they need to protect their life savings as well, ” Lee said.

“For some, their kids are not living with them anymore so they may see no need to have such a big house.

 

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