Monday, July 24, 2006

Bank Negara Should Stop These Thieving Banks.

Malaysian Institute of Economic Research executive director, Dr Mohamed Ariff speaks the truth when he says, "the banks are enjoying much higher margins. It is ironic that the people who live on past savings are subsidising banks. I would have thought there is a need for some kind of adjustments in the deposit rates rather than the lending rates."

There should be more adjustments in deposit rates instead of interest rates as banks have enjoyed much larger margins. Any increase in interest rates would dampen consumer expenditure and worsen the slowdown the economy was going through now. He also said that Bank Negara Malaysia has raised interest rates three times. But the banks have adjusted lending rates more than they have adjusted the deposit rates.

What a bunch of greedy bastards these banks are, all of us know. All their sweet sounding advertisements are just a cover for their unlimited avarice. They won't think twice before ripping-off even destitutes, if it increases their profit margin. That they have selectively adjusted rates so as to deprive the average person, many of them elderly, unemployed and pensioners while at the same time raking in millions and millions at the expense of this poor lot is ample proof of their heartless tactics. In this case lending rates have been adjusted by 51 basis points while deposit rates have only been adjusted by 14 basis points!!

This is sheer exploitation pure and simple. It is about time that Bank Negara kept a closer watch on these vultures and ensure that the average wage earner and the poorer of our people do not fall victim to these manipulative thieves in suits.

5 Comments:

Anonymous Free & Fair said...

Thanks for exposing the greediness of banks in Malaysia.

You forgot to mention all those unreasonable and ridiculous charges imposed, is just plain highway daylight robbery!!!!!!!!!

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