Bank Negara will announce if it will hike interest rates again on 3rd Nov.
On November 3, Bank Negara will hold its Monetary Policy Meeting (MPC), at which time it will decide whether to hike the Overnight Policy Rate (OPR) once more.
Many people are interested to see if Bank Negara would increase rates again in November after doing so in May, July, and September of this year. The cost of borrowing will go up for borrowers if Bank Negara hikes interest rates once more, but fixed savers will benefit.
The US consumer price index (CPI) statistics for September showed a month-over-month increase of 8.2% vs an anticipated 8.1%. The Federal Reserve (FED) is widely anticipated to sharply increase interest rates once more in November and December. The possibility of a 0.75 percent increase in individual interest rates exists. By year’s end, the federal interest rate may be between 4.50 and 4.75%.
In order to follow the Fed’s monetary strategy and act to reduce domestic inflation in Malaysia, experts feel that Bank Negara Malaysia should increase interest rates once again in November. The 15th National General Election has emerged as a new variable, nevertheless.
The Election Commission (SPR) will begin debating the nomination day and election day for the general election on October 20. Malaysia’s parliament was formally dissolved on October 10. November 5 or 12 are predicted to be the days of the general election.
Additionally, it suggests that the Bank Negara’s meeting to discuss monetary policy may coincide with the national election. Some experts also think that the National Bank may decide to hold off on raising interest rates in November in order to maintain a positive image and avoid influencing the outcome of the general elections.
