At the Monetary Policy Committee (MPC) meeting today, Bank Negara Malaysia decided to reduce the Overnight Policy Rate (OPR) to 3.25 percent. The ceiling and floor rates of the corridor for the OPR are correspondingly reduced to 3.50 percent and 3.00 percent respectively.
Summary of the monetary policy statement
Factors causing the economic downturn:
- slowdown in global demand
- fall in commodity prices
- decline in equity prices
The new OPR is expected to provide liquidity into the financial system.
Sustaining domestic demand is key.
MPC reduce the Statutory Reserve Requirement from 4% to 3.5% with effect from 1 December 2008.
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