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Overnight Policy Rate Reduced to 3.25 percent

Posted in Daily Observations |

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.

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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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  • http://imdavidlee.com/withdraw-payment-via-western-union/ imDavidLee

    this mean that the BLR rate will be decreased also?

  • http://www.meshio.com yowchuan

    Yup, as we are discussing about this, majority of the banks are adjusting their BLR downwards by 0.25%.

    We will see majority of the banks charging home loan rates at 6.5%. Yet, we need to remember that home loan is not just about the interest rates. Banks are VERY GOOD with fine prints!

  • http://www.dynn.net dynn

    I saw in the newpaper today, affinbank and citibank BLR @ 6.55% not 6.50% as what i'm expected.

  • http://www.meshio.com yowchuan

    dynn, the base lending rate for Citibank before the adjustment was 6.80%.

    I am not sure about Affin Bank though…