Bank Negara cuts OPR to 2.75% in first rate move since May 2023

The Star

Bank Negara has cut the Overnight Policy Rate (OPR) by 25 basis points to 2.75% at its July Monetary Policy Committee (MPC) meeting, marking the first rate adjustment since May 2023.   Read more at https://tinyurl.com/34xwcpzh   WATCH MORE: https://thestartv.com/c/news SUBSCRIBE: https://cutt.ly/TheStar LIKE: https://fb.com/TheStarOnline

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00:00Bank Negara Malaysia has cut the overnight policy rate or OPR by 25 basis points to 2.75%

00:09during its July Monetary Policy Committee meeting on Wednesday.

00:13This marks the central bank's first rate adjustment since May 2023.

00:18In a statement, Bank Negara said the ceiling and floor rates of the OPR corridor

00:22have been reduced to 3.0% and 2.5% respectively.

00:26The central bank noted that while Malaysia's domestic economy remains on solid footing,

00:31the outlook is clouded by growing global uncertainties, including tariff actions and geopolitical tensions.

00:37Bank Negara described the rate cut as a preemptive measure,

00:40aimed at preserving steady economic growth amid moderate inflation prospects.

00:44The MPC added that it will continue to monitor global and domestic developments closely

00:49and assess the balance of risks moving forward.

00:51As for the ringgit, Bank Negara stated that although its performance is primarily influenced by external factors,

00:58Malaysia's positive economic outlook and ongoing structural reforms

01:01will continue to provide support for the currency.

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