Bank Negara confirms a 0.25% rate increase.
Bank Negara announces another rate hike of 25 basis points! This is the fourth time this year that Bank Negara has boosted interest rates.
According to a Bank Negara announcement, the Bank Negara Monetary Policy Committee (MPC) decided to raise the Overnight Policy Rate (OPR) from 2.50% to 2.75% following its meeting. rate increase
The most recent overnight policy interest rate ceiling and floor in my country range from 2.50% to 3.00%, and have progressively reverted to pre-pandemic levels.
Mortgage loan and fixed deposit rates will rise in response to Bank Negara’s announcement of a 25 basis point rate hike. If you have a mortgage, your monthly payment will rise.
Borrowers should verify with their banks for the most up-to-date loan interest rates and monthly loan instalments.
Time deposit depositors can benefit from increased interest rates. Various domestic banks are expected to gradually provide time deposit discounts of up to 4.00% p.a. Bank Negara is widely predicted to boost interest rates again in January and March of 2023.
Bank Negara will convene six Monetary Policy Meetings (MPM) in 2023, with the dates listed below.
1. January 18-19, 2023
2. March 8-9, 2023
3. May 2-3, 2023
4. July 5-6, 2023
5. September 6-7, 2023
6. November 1-2, 2023
