Monetary Policy Statement (MPS) Snapshot: May 2023

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	What did we decide? We raised the OPR from 2.75% to 3.00% The Malaysian economy is showing strength At this level, the OPR is back to pre-crisis levels and is more aligned with the stronger state of the economy
What’s happening in the economy? The Malaysian economy will continue to expand this year Unemployment is coming down closer to pre-crisis levels, and this will support household spending Even more tourists have visited, which supports local businesses Large projects are progressing well Despite some challenges, global growth is supported by the strong job market and the rebound of China’s economy Inﬂation trended lower in recent months but remains elevated amid ﬁrm demand
	How do we see the economy in the future? The Malaysian economy will remain resilient. Inﬂation will moderate but remain elevated The Malaysian economy will remain resilient. Inﬂation will moderate but remain elevated It’s important to ensure that our OPR is at the right level to prevent problems that can arise from long periods of low interest rates (e.g., too much borrowing) We will ensure that our OPR supports sustainable growth while keeping inﬂation in check

Source: Bank Negara Malaysia

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Monetary Policy Statement (MPS) Snapshot: May 2023

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