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Bank Negara Malaysia maintains OPR at 3% | Scoop
Bank Negara Malaysia expects the Malaysian economy to grow further this year, with a recovery in exports, domestic spending, and continued employment and wage growth. – Scoop pic, January 24, 2024
News

Bank Negara Malaysia maintains OPR at 3%

Monetary policy committee says move is consistent with economy's overall health

Scoop Reporters
Updated
3:01 PM MYT

 

KUALA LUMPUR – As predicted by most analysts, Bank Negara Malaysia (BNM) has kept the overnight policy rate (OPR) at 3% in its first interest rate decision of the year.

BNM, in a statement, said its monetary policy committee decided to maintain the rate in line with the economy’s health.

“The rate remains supportive of growth. Financing remains available amid sustained credit growth,” the central bank said. 

BNM also expects the country’s economy to see further growth this year, noting a recovery in exports, domestic spending, and continued employment as well as wage growth. 

“Tourist arrivals and spending are also expected to improve further. Investment activity would be supported by the continued progress of multi-year projects in both the private and public sectors and initiatives under national master plans.”

The committee meets six times a year to decide on the OPR.

The rate has been at 3% since May last year, when it was raised from 2.75%. The rate was lowest at 1.75% from July 2020, during the Covid-19 pandemic, until May 2022, when the central bank began to raise it gradually.

Analysts had predicted that the rate would stay unchanged at 3% at the start of this year to continue supporting economic growth amid inflation predicted to be between 3% and 3.5% this year. Inflation last year was 2.5%.

On the ringgit, which opened at 4.7270/7335 against the greenback this morning, BNM said its recent movements were mainly driven by global developments and do not reflect Malaysia’s economic prospects and performance. – January 24, 2024

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