Instant news! As predicted, Bank Negara has announced a 25 basis point interest rate hike!
According to Bank Negara’s announcement, the Monetary Policy Committee (MPC) of Bank Negara Malaysia decided to raise the Overnight Policy Rate (OPR) from 2.00% to 2.25%, which is commonly known as an interest rate hike, after a meeting.
The latest upper and lower limits of our overnight policy rate range from 2.00% to 2.50%, which has gradually returned to the pre-epidemic level.
In the message, the National Bank argues that the opening of the global economy and the improvement in the labor market are supporting the recovery, although inflation, Russia-Ukraine military tensions and China’s anti-epidemic measures are hampering the recovery.
With the National Bank’s announcement of a 25 basis point rate increase, interest rates on both home loans and time deposits will follow suit. If you have a home loan, then the amount you have to pay each month on your loan will increase. Borrowers are urged to check with their banks for the latest interest rates and monthly payments.
The National Bank is expected to raise interest rates one more time this year, which is 25 basis points, and the overnight policy rate will be 2.50% at the end of the year.
