“(Changes relating to) OPR is a decision of BNM and not the ministry of finance (MoF). I can discuss it if needed but that is the prerogative of BNM,” he told reporters after the Cabinet meeting today.

He was responding to a question on the MoF’s response to possible further increases in the OPR by BNM.

Anwar said the central bank is mandated to promote “monetary and financial stability” that is conducive to the continued growth of the Malaysian economy.

He said a joint discussion involving BNM governor Nor Shamsiah Mohd Yunus and economic affairs minister Rafizi Ramli would be held before drafting Budget 2023.

“I invited the BNM governor and economic affairs minister to discuss this together. This is an approach that I used to do. It is not foreign to me because the action of any party will also involve the overall economic policy,” he said.

Anwar, who is also finance minister, is scheduled to table Budget 2023 in the Dewan Rakyat on Feb 24.

In a 2019 speech, Nor Shamsiah said BNM’s role as an independent and professional central bank, as provided for in the Central Bank of Malaysia Act, would “guarantee monetary stability” and be conducive to the sustainable growth of the Malaysian economy.

She said the central bank’s independence allows it to focus on the long-term economic perspective and financial system.

“Despite facing an increasingly challenging global environment and fluctuating international markets, BNM, as the guardian and trustee of the national financial system, will continue to hold that mandate and make it a priority,” she stated.