BNM has confidence in monetary policy landscape – Economist

Overnight Policy Rate

Bank Negara Malaysia’s (BNM) decision to hold the Overnight Policy Rate (OPR) signals that the central bank has a lot of confidence in its monetary policy landscape to manoeuvre if the need arises to buttress economic outlook in the long run.

Juwai IQI Global chief economist Shan Saeed said BNM had done plenty of OPR reduction last year and it took a good 12 to 15 months for the policy lever to make its impact on the economy.

“At the moment, three good variables are happening, namely, price inflation is well below 2.0 per cent, the economy is showing signs of recovery, and export numbers are up for the last four months.

“Gross Domestic Product (GDP) growth outlook stands between 3.0 and 4.0 per cent with potential towards the higher side. We have not changed our forecast for this year’s GDP,” he told Bernama today.

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