THE decision to maintain the overnight policy rate (OPR) at 3% was made without pressure from the government or any party, said unity government spokesman Fahmi Fadzil. 

He said the decision was based on several factors, including the country’s good economic growth, the declining inflation rate, and the employment rate. 

“When we look at BNM’s (Bank Negara) statement, these are among the factors that made the Monetary Policy Committee (MPC) maintain the OPR,” he told reporters after launching the Kita Madani programme in Seremban today.

Earlier today, BNM’s MPC decided to keep the OPR at 3%.

The Finance Ministry (MOF) said although the global economic outlook is affected by the risk of a growth slowdown, Putrajaya is confident the Malaysian economy will continue growing this year.

Fahmi said the MOF liaises with the Association of Banks in Malaysia (ABM) and the Association of Islamic Banking and Financial Institutions Malaysia (Aibim) to be more proactive in engaging with the public to explain the impact of any decision involving the OPR.

“I have asked ABM and Aibim to provide a proper explanation if the people face problems, for example, as a result of the increase in OPR.

“During the previous moratorium period and then the post-pandemic (period), there are many who are still affected economically, and of course the banks are ready to help. We welcome the banks’ proactive efforts to help the people,” he said. – Bernama, July 7, 2023.