UOB Group’s Senior Economist Julia Goh and Economist Loke Siew Ting reviewed the decision by the Bank Negara Malaysia (BNM) to cut the policy rate to 1.75%. Key Quotes “Bank Negara Malaysia (BNM) cut the policy rate for the fourth time to-date. The Overnight Policy Rate (OPR) was reduced by 25bps to 1.75%. A Bloomberg poll was mixed with 14 expecting 25bps rate cut, four expecting 50bps cut, and seven (including us) expecting no change.” “Today’s decision was closely watched in view of the ongoing pandemic and growth risks, as well as recent political developments. The latest cut aims to provide additional policy stimulus to accelerate the pace of economic recovery. This follows three successive reductions and a sizeable fiscal package of MYR295bn (or 20% of GDP) announced in 1H 2020.” “Given that BNM is keeping the door open for further rate cuts amid projected deflation this year, we are now pencilling in another 25bps cut to end the year at an unprecedented low of 1.50%. There are two more monetary policy meetings this year on 10 Sep and 3 Nov.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next ECB’s De Guindos: ‘Recent data suggest we can be more optimistic about growth’ FX Street 3 years UOB Group’s Senior Economist Julia Goh and Economist Loke Siew Ting reviewed the decision by the Bank Negara Malaysia (BNM) to cut the policy rate to 1.75%. Key Quotes “Bank Negara Malaysia (BNM) cut the policy rate for the fourth time to-date. The Overnight Policy Rate (OPR) was reduced by 25bps to 1.75%. A Bloomberg poll was mixed with 14 expecting 25bps rate cut, four expecting 50bps cut, and seven (including us) expecting no change.” “Today’s decision was closely watched in view of the ongoing pandemic and growth risks, as well as recent political developments. The latest cut aims to… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
