Guan Eng asks BNM to resist urge to raise interest rates

KUALA LUMPUR, March 31 — Former finance minister Lim Guan Eng said Bank Negara Malaysia (BNM) should continue its pause on raising the overnight policy rate (OPR) and support the...

KUALA LUMPUR, March 31 — Former finance minister Lim Guan Eng said Bank Negara Malaysia should continue its pause on raising the overnight policy rate and support the government’s policy objectives.

“The first step that Tan Sri Nor Shamsiah Mohd Yunus should do is to arrest any increase in cost of living by continuing its pause of any increases in the OPR to cushion individual and business borrowers from any added financial costs. Lim further said BNM’s halt in interest rate hikes has caused the ringgit to depreciate against the US dollar, after it previously rose from a low of RM4.75 during the previous administration to the current RM4.41.

Holding off on further rate increases would also show BNM’s “heart” for small businesses and individuals, he added.

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