BNM cuts OPR by 25bps to record low of 1.75%

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KUALA LUMPUR (July 7): Bank Negara Malaysia (BNM) cut its overnight policy rate (OPR) by 25 basis points (bps) today to a record low of 1.75%, saying that the impact of the Covid-19 pandemic on the global economy is severe and that Malaysia’s economic activity contracted sharply in the second quarter of the year due to measures introduced to contain the pandemic.

In a statement today, the central bank said Malaysia’s inflationary pressures are expected to be muted in 2020.

"The impact of Covid-19 on the global economy is severe. Global economic conditions remain weak with global growth projected to be negative for the year. For Malaysia, economic activity contracted sharply in the second quarter of the year, due to measures introduced to contain the pandemic globally and domestically.

Source https://www.theedgemarkets.com...

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