The Monetary Policy Committee of the Bank Negara Malaysia (BNM) will meet on 6 – 7 March to decide on monetary policy. Octa’s experts expect that the interest rate will be unchanged at 3.00% and that the accompanying rhetoric will significantly impact the ringgit.
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OPR stable
The January inflation figures, together with weaker real GDP growth back a stable OPR at 3.00%. Policymakers have stepped up their rhetoric to contain the fall of local currency. The policy statements had a positive effect on the ringgit. The interest rate gap to the Fed Funds rate of 250 basis points is prompting foreign investors to withdraw capital from the domestic market.
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