On its second consecutive time, BNM had maintained the overnight policy rate (OPR) at 2.75%. The Monetary Policy Meeting (MPC) on 09th March 2023 confirmed this decision yesterday.
Although mild inflation affecting current scenario in all corners of the world, it is expected by BNM that core inflation will be moderated over the course of 2023. The bank also stated that the stance of monetary policy remain accommodative and supportive of economic growth by maintaining current OPR level.
“The MPC will continue to assess the impact of the cumulative OPR adjustments, given the lag effects of monetary policy on the economy. The MPC remains vigilant to cost factors, including those arising from financial market developments, that could affect the inflation outlook. Further normalisation to the degree of monetary policy accommodation would be informed by the evolving conditions and their implications to the domestic inflation and growth outlook.” it said.
Source : Bank Negara Malaysia
