◆ As expected, Bank Negara Malaysia’s (BNM) Monetary Policy Committee (MPC) took a pause and maintained the Overnight Policy Rate (OPR) at 2.75% on 2 September, after raising it by a total of 75 basis points in the last three meetings. This was because the global growth momentum has moderated in recent months. In advanced economies, growth has slowed by more than expected following continued weakness in the labour market and the fading impact of the temporary boost to economic activity provided by the inventory build-up and the policy stimulus.
For regional economies, after registering a strong economic expansion in the first half of the year, the slower pace of export growth will have some impact on economic performance in the 2H as well. As a result, the MPC considers “the current monetary policy as appropriate and consistent with the latest assessment of the economic growth and inflation prospects”. Also, at the current level of the OPR, the stance of monetary policy continues to remain accommodative and supportive of economic growth.
Economic Highlights - Bank Negara Maintains The OPR At 2.75% - 03/09/2010
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