KUALA LUMPUR, Sept 8 2022 — Bank Negara Malaysia (BNM) has increased the Overnight Policy Rate (OPR) by 25 basis points to 2.50 per cent at its fifth Monetary Policy Committee (MPC) meeting today.
According to BNM, the ceiling and floor rates of the corridor of the OPR are correspondingly increased to 2.75 per cent and 2.25 per cent respectively.
The central bank said the global economy continued to expand, albeit at a slower pace, weighed down by rising cost pressures, tighter global financial conditions and strict containment measures in China.
“However, global growth continues to be supported by improvements in labour market conditions and the full reopening of most economies and international borders,” the central bank said in its monetary policy statement today after the two-day policy meeting which began on Sept 7.
BNM noted that inflationary pressures have remained high, due to elevated commodity prices and tight labour markets, despite continued easing in global supply chain conditions.
Consequently, BNM said central banks are expected to continue adjusting their monetary policy settings, some at a faster pace, to reduce inflationary pressure.
In particular, aggressive adjustments in the United States (US) interest rates have contributed to a strong US dollar environment and this has resulted in higher volatility in financial markets, affecting other major and emerging market currencies, including the ringgit, the central bank said.
Going forward, BNM said global growth is expected to face challenges from the impact of monetary policy tightening in most economies and pandemic management measures in China.
“The growth outlook is subject to downside risks, including elevated cost pressures, the potential energy crisis in Europe and sharp tightening in financial market conditions,” BNM added.
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