The central bank says maintaining the key lending rate is vital to support domestic growth and price stability.
PETALING JAYA: Bank Negara Malaysia has maintained the overnight policy rate at 3% despite the ringgit plunging to its 25-year low against the US dollar.
“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,” the statement read. BNM has raised the key lending rate five times since May 2022. At 3%, the OPR has returned to its pre-Covid-19 level in 2019.
“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,” BNM said.
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