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OPR increase determined by Bank Negara - PM Anwar

By NURUL HUDA HUSAIN AND TUAN BUQHAIRAH TUAN MUHAMAD ADNAN
04 Jan 2023 04:03pm
Photo for illustrative purposes. - File Pix.
Photo for illustrative purposes. - File Pix.
PUTRAJAYA - The increase in the Overnight Policy Rate (OPR) is subject to the decision of Bank Negara Malaysia (BNM).

Prime Minister Datuk Seri Anwar Ibrahim said based on the current laws and regulations, the bank had the right to make the decision.

However, he said the government, through the Finance Ministry, could discuss such matters.

"Following the current laws and provisions, (determining) the OPR is BNM's decision, not the finance ministry.

"I can discuss it, but BNM holds the rights (to decide)," he said in a press conference after the Cabinet meeting at the Prime Minister's Department, here, on Wednesday.
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He stated that the BNM specialised in monetary policies.

As reported by Sinar Harian in December, CGS-CIMB Research (CGS-CIMB) forecasts two more OPR increases of 25 basis points each to 3.25 per cent compared to the current 2.75 per cent as inflationary pressure is expected to remain this year.

CGS-CIMB economist Nazmi Idrus said the strong growth in core inflation in November last year reflected the steady state of domestic demand in the month.
OPR
Anwar Ibrahim
Bank Negara Malaysia
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