KUALA LUMPUR, July 7 ― Bank Negara Malaysia (BNM) today reduced the Overnight Policy Rate (OPR) by another 25 basis points to 1.75 per cent, a record low since the floor was set in 2004. In a statement today, it said the Monetary Policy Committee (MPC) decided to have the ceiling and floor rates...
In a statement today, Bank Negara Malaysia said the Monetary Policy Committee decided to have the ceiling and floor rates of the corridor of the OPR correspondingly reduced to 2.00 per cent and 1.50 per cent, respectively. — Picture by Yusof Mat Isa
“The impact of Covid-19 on the global economy is severe. Global economic conditions remain weak with global growth projected to be negative for the year,” it said. The central bank added that although a trough is expected in the second quarter, broad-based weakness in the labour market and precautionary behaviour by households and businesses could affect the recovery going forward.
For Malaysia, BNM said that the economic activity contracted sharply in the second quarter of the year, due to measures introduced to contain the pandemic globally and domestically. The pace and strength of the recovery, however, remain subject to downside risks emanating from both domestic and external factors.
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