KUALA LUMPUR: Bank Negara has decided to keep the benchmark overnight policy rate (OPR), to which commercial banks based their deposit and lending rates, at 3.25%.
The move was not unexpected with almost all economists surveyed expecting the central bank to maintain the benchmark interest rate.
The central bank, which released a statement following the monetary policy committee meeting chaired for the first time by Datuk Muhammad Ibrahim (pic) as Bank Negara Governor, said â€œthe stance of monetary policy is accommodative and supportive of economic activityâ€.
Muhammad succeeded Tan Sri Dr Zeti Akhtar Aziz On May 1 as the central bank chief.
It said policymakers were cognizant of downside risks in the global economic and financial environment and would be closely monitoring and assessing their implications on domestic price stability and growth to ensure policy stance remains consistent with sustainable growth of the economy.