KUALA LUMPUR: Bank Negara Malaysia (BNM) has maintained the overnight policy rate (OPR) at 3.0 per cent.

"At the current OPR level, the monetary policy stance remains supportive of the economy and is consistent with the current assessment of inflation and growth prospects," the central bank said in a statement.

The Monetary Policy Committee last hiked the interest rate by 25 basis points in May last year. The committee has had eight meetings since then.

BNM highlighted that the global economy is continuing to expand, supported by resilient labour markets and a steady recovery in global trade.

Looking forward, it anticipates global growth to be sustained by robust labour market conditions, easing inflation, and less restrictive monetary policies.

The ongoing recovery in global trade is expected to be bolstered by both electrical and electronics (E&E) and non-E&E products, BNM said.

"The growth outlook remains subject to downside risks, mainly from further escalation of geopolitical tensions, volatility in global financial markets, and slower growth momentum in major economies."

BNM said that exports are expected to be further lifted by the global tech upcycle given Malaysia's position in the semiconductor supply chain, as well as continued strength in non-electrical and electronics goods.

"Tourist spending is expected to continue to increase. Employment and wage growth, as well as policy measures, remain supportive of household spending," it said.

https://www.nst.com.my/business/corporate/2024/09/1101674/bank-negara-keeps-opr-30-pct-support-economic-growth