Focus

BNM lifts overnight policy rate by 25 basis points to 2.75 per cent as expected

03 Nov 2022 03:23pm
BNM lifts overnight policy rate by 25 basis points to 2.75 per cent as expected - Photo: 123RF
BNM lifts overnight policy rate by 25 basis points to 2.75 per cent as expected - Photo: 123RF

KUALA LUMPUR - Bank Negara Malaysia (BNM) has raised the overnight policy rate (OPR) by 25 basis points (bps) to 2.75 per cent, the fourth consecutive hike since May this year as the central bank’s monetary policy committee (MPC) decided to further adjust the degree of monetary accommodation.

In wrapping up its last meeting of the year, the central bank said the ceiling and floor rates of the corridor of the OPR are correspondingly increased to 3.00 per cent and 2.50 per cent, respectively.

It noted that the adjustment would also pre-emptively manage the risk of excessive demand on price pressures consistent with the recalibration of monetary policy settings that balances the risks to domestic inflation and sustainable growth.

"At the current OPR level, the stance of monetary policy remains accommodative and supportive of economic growth.

"The MPC is not on any pre-set course, which means that monetary policy decisions will continue to depend on evolving conditions and their implications on the overall outlook to domestic inflation and growth,’’ it said in a statement today.

The MPC also approved the schedule of MPC meetings for 2023, with the first meeting to be held on Jan 18 and 19. - BERNAMA

Related Articles:
BNM
OPR
More Like This
In Dewan Rakyat yesterday, Anwar explained the government’s new strategy to reduce overseas travel expenses was to invite companies such as Petronas, Proton, and others to participate. - Photo credit: Anwar Ibrahim/Facebook
In Dewan Rakyat yesterday, Anwar explained the government’s new strategy to reduce overseas travel expenses was to invite companies such as Petronas, Proton, and others to participate. - Photo credit: Anwar Ibrahim/Facebook
National Govt saves nearly RM1 million in Anwar's flight cost for visits to five countries - Fahmi
The government still covered the cost for Anwar’s delegation.
Abang Adik has garnered recognition at prestigious events such as the 37th Fribourg International Film Festival in Switzerland and the First Film Festival in China. - File photo
Abang Adik has garnered recognition at prestigious events such as the 37th Fribourg International Film Festival in Switzerland and the First Film Festival in China. - File photo
National Abang Adik wins best film award in Los Angeles
The film’s lead actor, Wu Kang-ren, delivered a standout performance as Abang, earning him the Best Actor Award in the Feature Snow Leopard category.
Photo for illustrative purposes only. Bernama FILE PIX
Photo for illustrative purposes only. Bernama FILE PIX
National Police collect over RM1 million in discounted summonses on first day of 2TM programme
The sum was from payments received from 2,750 visitors who showed up to take up the 60 per cent discount offer by the police.
Selangor FC player Muhammad Faisal Halim - BERNAMA FILE PIX
Selangor FC player Muhammad Faisal Halim - BERNAMA FILE PIX
National Selangor govt yet to receive feedback on progress of Faisal Halim's case
They are still awaiting information for dissemination after an emergency motion to condemn the extreme and violent action against the sportsman was unanimously approved at the previous session.