The National Bank will announce whether to adjust interest rates on November 2.
The National Bank holds six Monetary Policy Meetings (MPC) every year to decide whether to adjust the Overnight Policy Rate (OPR). The last monetary policy meeting of the year will be on November 2.
With our country’s inflation rate falling to 1.9% in September, and the Malaysian Department of Statistics also predicting that our country’s gross domestic product (GDP) will only grow by 3.3% in the third quarter, the market predicts that the Bank Negara will maintain the existing interest rates.
Bank Negara Governor Datuk Abdul Rashid revealed in early October that interest rates would not be cut in the short term. This was mainly because the Bank Negara wanted to ensure that rising oil and food prices would not lead to another surge in prices.
Bank Negara Malaysia’s decision to maintain the current interest rate will at least not increase the burden on borrowers, but it may lead to further depreciation of the ringgit. The ringgit fell below a 25-year low against the US dollar last week, which was the 4.7635 mark. The ringgit also fell to the level of 3.4705 against the Singapore dollar.
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