BANK Negara Malaysia governor Nor Shamsiah Mohd Yunus has denied the increase in the overnight policy rate (OPR) led to a rise in bankruptcies.

She said there are no figures to support such an allegation, adding that as a matter of fact, on aggregate, households have continued to hold financial assets in excess of debt, which enable them to manage higher borrowing costs. 

“I wish to stress that it is not true that the OPR increase caused a rise in bankruptcies.

“We acknowledge there are pockets of segments and sectors that need help due to their circumstances, and help remains available for those in need. 

“With all these conditions, it is timely, necessary and warranted that monetary policy is recalibrated to make sure that we continue to be on a sustainable growth path,” she said when announcing the first quarter (1Q) 2023 Economic Performance at Sasana Kijang in Kuala Lumpur today. – Bernama, May 12, 2023.