Overnight Policy Rate raised by another 25bps. BNM yesterday raised the Overnight Policy Rate (OPR) by another 25bps to 2.5% as part of its move to normalise interest rates. This follows the earlier 25bps hike on 4 Mar. Although we had expected another 25bps hike, we had anticipated this to take place at the 8 Jul policy meeting. Consequently, we now expect another 25bps hike to occur in the Sept policy meeting, which would bring the OPR to 2.75%. Thereafter, we think BNM is likely to keep the OPR unchanged for the rest of the year.
Banking : BNM Raised OPR By Another 25bps - 14/05/2010
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