Bank Negara maintains OPR at 3%

PETALING JAYA: Bank Negara Malaysia (BNM) has maintained the Overnight Policy Rate (OPR) at 3% at its Monetary Policy Committee (MPC) meeting today.
The central bank said in a statement that at the current level of the OPR, the stance of monetary policy is accommodative and supportive of economic activity.
"The MPC will continue to assess the balance of risks surrounding the outlook for domestic growth and inflation," it noted.
BNM said that Malaysian economy performed better than expected in the first quarter of 2017, lifted by stronger domestic demand with additional impetus from exports.
Going forward, it said, the more favourable global growth prospects will lead to sustained export performance and generate positive spillovers to the domestic economy, with private consumption to be underpinned by higher wages and employment.
BNM added that the improved investment outlook is being driven by new and ongoing infrastructure projects, and stronger capacity expansion in the manufacturing and services sectors.
"Overall, the economy is expected to register higher growth in 2017," it said.