Task force wants Bank Negara, Statistics Dept to explain for OPR increase, says Annuar

PUTRAJAYA: The special task force to address inflation has asked Bank Negara Malaysia and the Department of Statistics to provide clarification to the people on the justification for the increase in the overnight policy rate (OPR), says its chairman Tan Sri Annuar Musa.

Annuar, who is also Communications and Multimedia Minister, said the people needed to be given a proper understanding of the decision to increase the OPR by 25 basis points to 2.25% on Wednesday (July 6).

ALSO READ: Bank Negara raises OPR to 2.25%

Yesterday, Bank Negara’s monetary policy committee decided to raise the OPR, which is the benchmark for loans and savings, by 25 basis points,

or 0.25%, to 2.25%. It is the second increase this year, after the OPR was raised 25 basis points to 2% in May.

"I hope we can all understand that the body that determines the interest rate is an independent body.

"They have their reasons, but they also need to provide an explanation so that the public can understand the justification for why certain actions are taken by Bank Negara,” Annuar said in a press conference after chairing the task force meeting here Thursday (July 7). – Bernama