BANK Negara has maintained the overnight policy rate (OPR) at 3% after its latest Monetary Policy Committee meeting today. 

The central bank said recent indicators pointed towards sustained strength in economic activity in the second quarter of 2024, driven by resilient domestic expenditure and better export performance.  

“Going forward, exports are expected to be further lifted by the global tech upcycle given Malaysia’s position in the semiconductor supply chain, as well as continued strength in non-electrical and electronics goods.  

“Tourist arrivals and spending are also poised to rise further. Continued employment and wage growth, as well as policy measures, will continue to support household spending,” it said in a statement. 

The OPR has been unchanged at 3% since May 2023. – July 11, 2024.