THE government is unsure if there will be another hike in the Overnight Policy Rate (OPR), Deputy Finance Minister Ahmad Maslan said. 

“Will this OPR be increased in the future? We wait,” he told the Dewan Rakyat during the minister’s question and answer session today.

Ahmad was responding to Idris Ahmad (Bagan Serai-PN), who asked if there would be another OPR hike in the future, amid economic challenges faced.

In January, Bank Negara Malaysia’s Monetary Policy Committee decided to maintain the OPR at 2.75%, following four consecutive rate hikes of 25 basis points each in May, July, September and November last year.

Despite the four increases last year, Ahmad said it helped to curb the country’s inflation rate. 

He said the inflation rate for 2023 is expected to be lower than last year.

“The important thing is that the increase in OPR from 1.75% to 2.75% has successfully curbed the inflation rate. 

“It is expected the inflation rate in 2023 will be 3.3%, lower than before,” the Pontian MP said. – March 6, 2023.