tags - Sinar Daily

More than 300 haj pilgrims were stranded in KLIA, Sepang on Thursday night. (Photo from the Internet)

A pedestrian walks past an electronic board displaying the Nikkei 225 index and share prices on the Tokyo Stock Exchange in Tokyo on Nov 4, 2020. (Photo by Behrouz MEHRI / AFP)

Ringgit opens higher against US dollar on risk-on mode. Illustration photo - 123RF

The weakness of the Ringgit increased the prices of goods, especially food, whose supply chain depends on imported materials. Illustration photo. Source: 123RF

Deputy Vice-Chancellor for Research and Graduate Studies from i-CATS University College Kuching, Professor Datuk Shazali Abu Mansor says Bank Negara's move to increase OPR could cause a dip in the economy.

The analysis of 159 developing countries showed that rising commodity prices are already having immediate and devastating impacts on the poorest households, with clear hotspots in the Balkans, countries in the Caspian Sea region, and Sub-Saharan Africa.

Acute shortages of food and fuel, alongside lengthy electricity blackouts, have led to months of widespread anti-government demonstrations calling for President Gotabaya Rajapaksa's resignation.

The increase in bank interests or Overnight Policy Rate (OPR) in the country is a sign for people to be financially prudent, said experts. - Photo: BERNAMA

The increase comes amid surge in food prices

Economists said an increase in interest rate is inevitable due to skyrocketing prices of food and goods at the moment which has become the main bone of contention among Malaysians. - Photo: BERNAMA