BNM says current OPR corresponds with health of the economy

KUALA LUMPUR - Bank Negara Malaysia (BNM) said keeping the overnight policy rate (OPR) level at 3.0 per cent commensurates with the health of the economy, with financing remaining available amidst sustained credit growth.

In its monetary policy statement snapshot today, the central bank said the Malaysian economy has continued to grow as income and employment remained favourable, and would continue to support household spending.

At the same time, tourist arrivals have continued to rise, supporting local businesses, while key projects are also progressing well, it said.

However, the central bank noted that Malaysia’s exports will be lower due to softer global growth.

BNM also highlighted that the country’s inflation has moderated, but remains elevated due to demand and cost factors.

Moving forward, the central bank believes that the Malaysian economy will continue to expand, while inflation will slowly come down over the remainder of the year.

"We continue to monitor inflation and growth developments and ensure that the OPR continues to support growth while keeping inflation in check,” it added. - BERNAMA