Bank Negara maintains OPR at 3%
BANK Negara Malaysia’s Monetary Policy Committee made a decision during its meeting today to maintain the overnight policy rate at 3%.
“The MPC will ensure that the monetary policy stance remains conducive to sustainable economic growth amid price stability,” it said. “While China’s reopening remains supportive of the global economy, its pace of recovery has slowed in recent months. Globally, headline inflation continued to moderate, but core inflation remains above historical averages. For most central banks, the monetary policy stance is likely to remain tight,” it added.
Growth for the remainder of the year, it said, will continue to be driven by resilient domestic demand with household spending continuing to be underpinned by favourable labour market conditions, particularly in the domestic-oriented sectors. “While the growth outlook is subject to some downside risks stemming from weaker-than-expected global growth, upside risks mainly emanate from domestic factors such as stronger-than-expected tourism activity and faster implementation of projects,” it said.
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