KUALA LUMPUR – The decision to maintain the overnight policy rate (OPR) at 3% is in line with the global economic development and the inflation rate in Malaysia which is currently stable and on a declining trend.
The Finance Ministry said in a statement today that although the global economic outlook is affected by the risk of global growth slowing down, the government is confident that the Malaysian economy will continue to grow in 2023.
This is supported by the decreasing level of unemployment, increased economic activity, especially tourism as well as the implementation of government projects, which will continue to be accelerated to drive economic activity.
“Banks should always be aware of the difficulties faced by individual borrowers and small and medium enterprises, and immediately provide loan restructuring and rescheduling facilities for those facing financial problems,” said Prime Minister Datuk Seri Anwar Ibrahim.
MoF said borrowers can get free counselling and loan repayment assistance through the Credit Counselling and Debt Management Agency.
Earlier, Bank Negara Malaysia’s Monetary Policy Committee meeting today decided to keep the OPR at 3%.
The central bank explained that at the current OPR level, the monetary policy stance remains quite accommodative and continues to support economic growth. – Bernama, July 7, 2023
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