OctaFX analyses the likelihood of BNM keeping the Overnight Policy Rate (OPR) unchanged at 3% at the upcoming Monetary Policy Committee meeting on September 6-7. Learn about the potential impact on the Malaysian ringgit.
- Headline inflation in Malaysia declined to 2% in July, according to the Monetary and Financial Developments by Bank Negara Malaysia (BNM).
- The domestic financial market and the ringgit exchange rate were driven primarily by expectations that the US Federal Reserve’s monetary tightening cycle was nearing an end.
- The Overnight Policy Rate (OPR) is unlikely to be raised at the next meeting, as the Malaysian economy is growing steadily.
- If the Monetary Policy Committee leaves the rate unchanged, USDMYR could hit 4.5000–4.5500.
KUALA LUMPUR, MALAYSIA – Media OutReach – 4 September 2023 – The Monetary Policy Committee (MPC) of the Bank Negara Malaysia (BNM) will meet on 6-7 September to decide on monetary policy.