tags - Sinar Daily

The ringgit last traded at a similar level on May 24, 2018, when it touched RM3.9797 against the greenback.

At the current OPR level, the MPC considers the monetary policy stance to be appropriate and supportive of the economy amid price stability, said the central bank.

In a statement today, the central bank said that at the current OPR level, the MPC considers the monetary policy stance to be appropriate and supportive of the economy amid price stability. 

BNM’s MPC is scheduled to announce its OPR decision tomorrow.

Domestic demand and confidence in households and firms have also subsided based on business sentiment indicators shown in the RAM Index and Purchasing Managers’ Index (PMI) due to uncertainty. - Photo: 123RF

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said keeping the OPR unchanged would indicate that the current rate is conducive to economic stability and growth.

BNM said the ceiling and floor rates of the corridor of the OPR are correspondingly reduced to three per cent and 2.5 per cent, respectively.

At 8am, the local note appreciated to 4.2705/2920 versus the greenback from Thursday’s close of 4.2795/2870.

BNM's decision to maintain the OPR at 3.0 per cent is seen as a cautious approach as the government faces many ongoing global developments and uncertainties. Photo for illustrative purposes only, edited on Canva

BNM Monetary Policy Committee has maintained the overnight policy rate at 3.0 per cent. FILE PIX