KUALA LUMPUR: The ringgit rose against the US dollar following the unexpected move by Bank Negara Malaysia’s Monetary Policy Committee to increase the overnight policy rate by 25 basis points to 3%.
Bank Muamalat Malaysia Bhd chief economist and social finance head Afzanizam Rashid said judging from BNM’s statement, it appears that the OPR at 3% is a done deal for the year. The central bank said that at that level, the benchmark interest rate has been brought back to pre-crisis levels and is more aligned with the stronger state of the economy.
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