BNM governor denies rise in OPR causes bankruptcies theSun thesundaily OPR BNM bankruptcies financialassets
: Bank Negara Malaysia governor Tan Sri Nor Shamsiah Mohd Yunus has denied that the increase in the overnight policy rate has led to a rise in bankruptcies.
BNM at its monetary policy committee meeting on May 3, 2023 increased OPR by 25 basis points to 3.00 per cent. Accordingly, the ceiling and floor rates of the corridor of the OPR was increased to 3.25 per cent and 2.75 per cent, respectively. With this decision, the MPC has withdrawn the monetary stimulus intended to addressed COVID-19 crisis in promoting economy recovery.
“In some cases, monetary policy was slow to react, resulting in the need for policy interest rates to be raised more quickly and aggressively.“We also want to avoid a situation of keeping interests too low for too long, especially when the economic growth is firm because this could lead to higher inflation in the future and also risk of financial imbalances,” said Nor Shamsiah.
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