KUALA LUMPUR, 6 July 2022 — Bank Negara Malaysia (BNM) has increased the Overnight Policy Rate (OPR) by 25 basis points to 2.25 percent during its fourth Monetary Policy Committee (MPC) meeting this year.
In its Monetary Policy Statement today, the central bank said the ceiling and floor rates of the corridor of the OPR are correspondingly increased to 2.50 per cent and 2.00 per cent respectively.
“Amid the positive growth prospects for the Malaysian economy, the MPC decided to further adjust the degree of monetary accommodation.
This is consistent with the MPC’s view that the unprecedented conditions that necessitated a historically low OPR have continued to recede,” BNM said.
“According to the central bank, at the current OPR level, the stance of monetary policy remains accommodative and supportive of economic growth.
BNM said that the MPC would continue to assess evolving conditions and their implications on the overall outlook for domestic inflation and growth.
“Any adjustments to the monetary policy settings going forward would be done in a measured and gradual manner, ensuring that monetary policy remains accommodative to support sustainable economic growth in an environment of price stability,” BNM added.
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