The Monetary Policy Committee (MPC) of Bank Negara Malaysia (BNM) decided to maintain the overnight policy rate (OPR) at 3.00 percent.
The decision to maintain the benchmark rate for loan and deposit rates in this country was decided at the second BNM MPC meeting for this year held on 6 and 7 March 2024.
BNM said, at the 3.00 percent level, the stance of monetary policy continues to support the economy and is consistent with the current assessment in relation to growth and inflation prospects.
The MPC remains alert to current developments to inform the assessment of the prospects for inflation and domestic growth. They will also ensure that the stance of monetary policy remains conducive to sustainable economic growth in stable price conditions.
Malaysia's economy grew by 3.7 percent in 2023. Going forward, growth is expected to pick up throughout 2024 driven by export recovery and resilient domestic spending
In January to March 2023, the OPR was maintained at a rate of 2.75 percent after four consecutive increases starting in May, July, September and November 2022, each of which increased by 25 basis points to 2.75 percent compared to the previous record low of 1.75 percent.
The next MPC meeting will be held on May 8 and 9.
Meanwhile, in a separate statement, BNM announced international reserves amounting to US$114.3 billion on 29 February 2024. This is sufficient to finance 5.4 months of imports of goods and services and the total short-term external debt.
