KUALA LUMPUR: Bank Negara Malaysia (BNM) is likely to maintain its overnight policy rate (OPR) at 3.25 per cent into 2016, said Standard & Poor's (S&P) Ratings Services today.

In a statement today, the rating agency also revised Malaysia's gross domestic product (GDP) growth forecast to 4.6 per cent in 2015 and 5.0 per cent in 2016, from an earlier estimate of 5.5 per cent and 5.4 per cent, respectively.

The revision was made in light of an anticipated further decline in oil prices since its last forecasting exercise, said S&P.

"The drop in global oil prices, which we now expect to last at least through 2016, will likely hurt Malaysia's exports, reduce investments and lower wealth and spending power," said its Asia Pacific Chief Economist, Paul Gruenwald.

Brent crude oil futures was trading at US$48.83 on Friday.

The rating agency is expected to release a full set of Asia Pacific forecasts in March. - Bernama