THE decision to maintain the overnight policy rate (OPR) at 3% is in line with global economic development and declining inflation in Malaysia, said the Finance Ministry.

It said in a statement today although the global economic outlook is affected by the risk of a slowdown, Putrajaya is confident the local economy will continue to grow in 2023.

It said this is supported by the decreasing unemployment, increased economic activity (especially in tourism), and the implementation of government projects that will be intensified to drive economic activity. 

“Banks should always be aware of the difficulties faced by individual borrowers and small and medium enterprises, and immediately provide loan restructuring and rescheduling facilities for those facing financial problems,” said Finance Minister Anwar Ibrahim. 

He said borrowers can receive free counselling and loan repayment assistance through the Credit Counselling and Debt Management Agency.

Earlier, Bank Negara’s Monetary Policy Committee decided to maintain the OPR at 3%. 

The central bank said at the current OPR, the monetary policy remains accommodative and can continue to support economic growth. – AFP, July 6, 2023.