PETALING JAYA, 12 July: Bank Negara Malaysia cut the Overnight Policy Rate (OPR) to 3% at the Monetary Policy Committee (MPC) meeting today, against the consensus reading that it would hold off from such action.
The ceiling and floor rates of the corridor for the OPR are correspondingly reduced to 3.25% and 2.75% respectively.
“The adjustment to the OPR is intended for the degree of monetary accommodativeness to remain consistent with the policy stance to ensure that the domestic economy continues on a steady growth path amid stable inflation, supported by continued healthy financial intermediation in the economy. The MPC will continue to monitor and assess the balance of risks surrounding the outlook for domestic growth and inflation,” the central bank said in a statement earlier.
— THE SUN