Bank Negara is expected to announce two interest rate hikes in the second half of the year, with the overnight policy rate (OPR) rising from its current level of 1.75% to 2.25%. The Bank’s next monetary policy meeting (MPC) is on 10 and 11 May and the results will be announced in the afternoon of 11 May.
If the National Bank announces an increase in interest rates, the lending rates of all banks in the country will also increase. If you are a home loan borrower, you will have to pay more each month once the National Bank announces the interest rate increase.
If you have a variable rate car loan, your monthly car loan repayments will also increase once the National Bank announces an interest rate increase.
After several interest rate cuts by the National Bank since 2020, the interest rates of various banks today are the same as they have been since 2020 until now. Take a look at the loan rates of each bank here.
