OPR adjustment reflects normalisation and not tightening — BNM

KUALA LUMPUR: The Overnight Policy Rate (OPR) adjustment reflects a normalisation of key interest rates and is not a tightening of monetary conditions, says Bank Negara Malaysia.

On Jan 25, 2018, the Monetary Policy Committee (MPC) normalised the degree of monetary accommodation by raising the OPR by 25 basis points to 3.25 per cent.

“Continued positive macro-economic outlook provided an opportunity for the MPC to act pre-emptively,” it said in a set of slides released in conjunction with the announcement of Gross Domestic Product (GDP)  growth for the fourth quarter of 2017 and for the full year of 2018.

The Malaysian economy expanded 5.9 per cent in 2017 versus 4.2 per cent in 2016.

The central bank said the current monetary policy remained accommodative and would ensure the sustainability of growth prospects. — Bernama

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