RHB Research expects Bank Negara to keep OPR at 3%

The bank previously indicated that it anticipated a 25 basis points (bps) OPR hike.

In a research note today, RHB Research said the key catalysts for its change were mainly due to limited inflation risks, the central bank’s foreign exchange intervention measures and BNM’s view on the global economy.

"Hence, our reading of the central bank is to hold the OPR steady since its core view is that inflation risks are limited and that the weakness in Malaysia ringgit is mainly due to external factors and not domestic in nature,” it said. It opined that the FX intervention is a stop-gap measure in emerging markets where the fundamental drivers of the currency are on a weakening path.

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