BNM maintains OPR at 3pc, inflation expected to rise due to diesel subsidy rationalisation

Anis Zalani

16 August 2024 at 12:42 am·1-min read

KUALA LUMPUR, Aug 16 — Bank Negara Malaysia (BNM) governor Datuk Abdul Rasheed Ghaffour today said that the Overnight Policy Rate (OPR) was maintained at 3 per cent during the Monetary Policy Committee (MPC) meeting with inflation expected to rise in the second half of 2024 due to the recent changes in diesel subsidies.

He said the MPC believes that the current systems are still supportive of the economy.

“Our baseline forecast suggests that Malaysia’s growth will continue to be strong, driven by resilient consumer spending and ongoing improvements in exports.

“As expected, inflation is likely to rise in the second half of this year, partly due to the recent diesel subsidy rationalisation,” he said during a press conference on the release of 2Q2024 GDP Statistics here today.

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