Rafizi says PKR MP wrong to fear interest rate hike will cost unity govt in state polls

KUALA LUMPUR, May 7 — Economy Minister Rafizi Ramli today said his party’s Pasir Gudang MP was mistaken to believe Bank Negara Malaysia’s latest overnight policy rate...

KUALA LUMPUR, May 7 — Economy Minister Rafizi Ramli today said his party’s Pasir Gudang MP was mistaken to believe Bank Negara Malaysia’s latest overnight policy rate increase would jeopardise the unity government’s chances in state elections due in months.

“We met on Friday, the night before he made the statement. I told him to not follow the opposition’s sentiments. The minister said that while he was not personally briefed by the central bank over its rationale for raising the OPR to 3.0 per cent, he agreed the decision was necessary to support the value of the ringgit on the foreign exchange market.

“For example, if our interest rate is below three per cent and Indonesia is around five per cent, potential and current investors might look to Indonesia to invest in the stock market. There’s a big economic effect on our currency if BNM didn’t raise it,” he said.

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