OPR: Bank Negara authorised to decide without Govt interference, says Rafizi

PUTRAJAYA: Bank Negara has the authority to decide on the overnight policy rate (OPR) itself without the interference of the government, says Economy Minister Rafizi Ramli (pic).

He said the right and power of Bank Negara needed to be fully implemented while the government through the Economy Ministry and the Domestic Trade and Cost of Living Ministry would carry out their tasks to reduce the effects of inflation.

"We (the government) take a different approach for us to check and balance and not to interfere in the affairs of Bank Negara.

"Each carries out its own duty," he said in a media conference after attending an Engagement Session with state-level heads of department on the People’s Income Initiative (IPR) here on Thursday (March 9).

Bank Negara’s Monetary Policy Committee (MPC) in its meeting on Thursday announced maintaining the OPR at 2.75%.

On IPR, Rafizi said the government was targeting the participation of 190 local authorities (PBT) as part of the strategic group in the preparation of the ecosystem of the initiative.

"The participation of PBT will assist to expedite the implementation of IPR nationwide especially for the hardcore poor, poor and B40 groups," he said.

On Feb 26, the government announced IPR with a target of 100,000 participants, aimed at raising the income of the three groups and thus assisting them to get out of the poverty line set at RM1,900 per month. - Bernama

Article type: free
User access status:
Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!

Rafizi Ramli , OPR , Bank Negara , IPR , Poverty ,


Next In Nation

State polls: Perikatan has completed allocation of seats, says Sanusi
King, Queen break fast with Cabinet ministers
Two arrested after three siblings found with signs of possible abuse
No issue of reduced workforce if more monopolies dismantled, says HR Minister
'Friends', job offers vanished once dad was not PM anymore, says local artist Dafi
NRD, MACC smash syndicate smuggling Filipino illegals from Sabah to peninsula
Cat carcasses case suspect described as animal lover by neighbours
Floods: Situation continues to improve in Batu Pahat
No Marburg virus disease detected in Malaysia so far, says Health Minister
Factory supervisor loses RM164,601 to love scam

Others Also Read