Bank Negara Malaysia increases OPR by 0.25% to 3%
Referring to BNM data, the OPR was at its highest at 3.5% from April 26, 2006 to November 24, 2008. At 3%, the OPR is now back to its pre-pandemic level seen from May 7, 2019 to January 22, 2020. With the update, the ceiling and floor rates of the corridor of the OPR are now at 3.25% and 2.75% respectively.
“With the domestic growth prospects remaining resilient, the MPC judges that it is timely to further normalise the degree of monetary accommodation. With this decision, the MPC has withdrawn the monetary stimulus intended to address the COVID-19 crisis in promoting economic recovery,” BNM said in an official statement.
“In light of the continued strength of the Malaysian economy, the MPC also recognises the need to ensure that the stance of monetary policy is appropriate to prevent the risk of future financial imbalances. At the current level, the monetary policy stance is slightly accommodative and remains supportive of the economy. The MPC will continue to ensure that the monetary policy stance remains consistent with the outlook of domestic inflation and growth,” it added.
Car loans are impacted by the OPR, with higher rates resulting in hire purchase loans becoming more expensive and be harder to gain approval. This will impact car sales, with the Malaysian Automotive Association saying in January it expects“Headline inflation continued to moderate, but core inflation has persisted above historical averages. For most central banks, the monetary policy stance is likely to remain tight.
Originating from the corporate world with a background in finance and economics, Gerard’s strong love for cars led him to take the plunge into the automotive media industry. It was only then did he realise that there are more things to a car than just horsepower count.
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