BNM keeps OPR at 3.0% for third consecutive time

KUALA LUMPUR: Bank Negara Malaysia’s (BNM) Monetary Policy Committee (MPC) decided to maintain the Overnight Policy Rate (OPR) at 3.00 per cent during...

: Bank Negara Malaysia’s Monetary Policy Committee decided to maintain the Overnight Policy Rate at 3.00 per cent during its last meeting of the year today.In a statement today, the central bank said at the current OPR level, the monetary policy stance remains supportive of the economy and is consistent with the current assessment of the inflation and growth prospects.

“Some signs of recovery are emerging in the electrical and electronics sector, but global trade remains soft partly due to the shift in spending from goods to services, and ongoing trade restrictions,” it added. “The growth outlook remains subject to downside risks, mainly from higher-than-anticipated inflation outturns, an escalation of geopolitical tensions, and a sharp tightening in financial market conditions,” it said.

“Continued employment and wage growth remain supportive of household spending. Tourist arrivals and spending are expected to improve further,” it noted. “Of note, the government’s intention to review price controls and subsidies in 2024 will affect the outlook for inflation and demand conditions,” it said.

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