Malaysia raises interest rate to 2.25% amid ‘positive growth prospects’ for economy
This is the first consecutive rate increase in over 10 years, after the last hike in May.
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MALAYSIA’S central bank on Wednesday (Jul 6) moved to increase the key overnight policy rate (OPR) by 25 basis points to 2.25 per cent, a move largely expected and in line with the forecasts of economists.
At the end of its fourth monetary policy meeting of the year, Bank Negara Malaysia said that amid the positive growth prospects for the Malaysian economy, its monetary policy committee (MPC) decided to further adjust the degree of monetary accommodation.
“This is consistent with the MPC’s view that the unprecedented conditions that necessitated a historically low OPR have continued to recede. At the current OPR level, the stance of monetary policy remains accommodative and supportive of economic growth,” the central bank said in a statement.
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