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The Monetary Policy Committee (MPC) of Bank Negara Malaysia (BNM) has announced that it will be increasing the Overnight Policy Rate (OPR).
Due to the ongoing economic pressure created by the COVID-19 pandemic, Malaysia's OPR was previously at an all time low at 1.75%, which BNM, in May, increased to the rate of 2%.
The BNM noted in their announcement that Malaysia's economic activity has increased in the recent months, and this, coupled with declining unemployment rates and the increase of tourism revenue from the reopening of international borders in April 2022 supported their decision to raise the OPR.