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MNI BRIEF: Malaysian CB Surprises with 25bps Rate Hike

MNI (Sydney)

Malaysia’s central bank on Wednesday surprised with a 25 basis point rise in its Overnight Policy Rate today, the first movement in rates since July 2020.

Bank Negara Malaysia’s Monetary Policy Committee increased the OPR to 2.0%, with the ceiling and floor rates of the OPR corridor correspondingly increased to 2.25% and 1.75%, respectively, See: MNI STATE OF PLAY: Malaysia's BN Eyes H2 "Measured" Tightening.

BNM said that with growth on a “firmer footing,” the “unprecedented conditions” which saw rates cut to historic lows had abated and the bank would now reduce monetary accommodation “in a measured and gradual manner.”

MNI Sydney Bureau | +61-405-322-399 |
MNI Sydney Bureau | +61-405-322-399 |

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