KUALA LUMPUR: Bank Negara’s Monetary Policy Committee (MPC) surprised the market by maintaining the overnight policy rate (OPR) at 2.75%. All but one of 27 economists in a Reuters poll forecast Bank Negara to hike its OPR to 3.00% today. In a statement, Bank Negara said the global economy continued to be weighed down by elevated cost pressures, higher interest rates, and COVID-19-related disruptions in China. Coming off a strong performance in 2022, growth in 2023 is expected to moderate amid a slower global economy,” Bank Negara said. “The MPC will continue to calibrate the monetary policy settings that balance the risks to domestic inflation and sustainable growth,” Bank Negara said.

Source: The Star January 19, 2023 10:52 UTC