Bank Negara surprises with 25 basis point rate hike

KUALA LUMPUR: Bank Negara has decided to increase the overnight policy rate (OPR) by 25 basis points to 2% - its first rate hike since July 2020.

In a Monetary Policy Statement (MPS), the central bank said the ceiling and floor rates of the corridor of the OPR are correspondingly increased to 2.25% and 1.75%, respectively.