The central bank raised the benchmark lending rate by 100bps last year.
A Reuters poll of 25 economists had largely expected Bank Negara to hold its OPR at 2.75% for a third straight meeting.
Nevertheless, the global economy continues to be weighed down by elevated cost pressures and higher interest rates. “For the Malaysian economy, latest developments point towards further expansion in economic activity in the first quarter of 2023 after the strong performance in 2022. “Upside risks mainly emanate from domestic factors such as stronger-than-expected tourism activity and implementation of projects including those from the re-tabled Budget 2023, while downside risks stem from weaker-than-expected global growth and more volatile global financial market conditions,” Bank Negara said.
With the domestic growth prospects remaining resilient, the MPC judges that it is timely to further normalise the degree of monetary accommodation.
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