Bank Negara cuts OPR to 1.75%, lowest in 16 years

KUALA LUMPUR: Bank Negara Malaysia (BNM) today reduced the overnight policy rate (OPR) by another 25 basis points to 1.75%, a record low since the floor was set in 2004.

In a statement today, it said the Monetary Policy Committee decided to have the ceiling and floor rates of the OPR corridor correspondingly reduced to 2.00% and 1.50% respectively.

“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,” it said.

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