Following today’s monetary policy committee meeting, Bank Negara Malaysia has decided to maintain the overnight policy rate at 3%. The 3% OPR has been the same since May 2023 when it was increased by 25 basis points from 2.75%.
According to BNM, the OPR level is in line with the health of the economy and remains supportive of growth while keeping inflation in check. The BNM MPC meets to make OPR decisions every two months.At its meeting today, the Monetary Policy Committee of Bank Negara Malaysia decided to maintain the Overnight Policy Rate at 3.00 percent.
For the Malaysian economy, the latest indicators point towards higher economic activity in the first quarter of 2024, driven by resilient domestic expenditure and a positive turnaround in exports. Going forward, the recovery in exports is expected to gather momentum supported by the global tech upcycle and continued strength in non-electrical and electronics goods. Tourist arrivals and spending are also poised to rise further.