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BNM lifts overnight policy rate by 25 basis points to 2.75 per cent as expected

03 Nov 2022 03:23pm
BNM lifts overnight policy rate by 25 basis points to 2.75 per cent as expected - Photo: 123RF
BNM lifts overnight policy rate by 25 basis points to 2.75 per cent as expected - Photo: 123RF
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KUALA LUMPUR - Bank Negara Malaysia (BNM) has raised the overnight policy rate (OPR) by 25 basis points (bps) to 2.75 per cent, the fourth consecutive hike since May this year as the central bank’s monetary policy committee (MPC) decided to further adjust the degree of monetary accommodation.

In wrapping up its last meeting of the year, the central bank said the ceiling and floor rates of the corridor of the OPR are correspondingly increased to 3.00 per cent and 2.50 per cent, respectively.

It noted that the adjustment would also pre-emptively manage the risk of excessive demand on price pressures consistent with the recalibration of monetary policy settings that balances the risks to domestic inflation and sustainable growth.

"At the current OPR level, the stance of monetary policy remains accommodative and supportive of economic growth.

"The MPC is not on any pre-set course, which means that monetary policy decisions will continue to depend on evolving conditions and their implications on the overall outlook to domestic inflation and growth,’’ it said in a statement today.

The MPC also approved the schedule of MPC meetings for 2023, with the first meeting to be held on Jan 18 and 19. - BERNAMA

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