News about Bank Negara Malaysia

The rate hike, after two consecutive pauses in early 2023 at 2.

"We believe loan growth will be supported by the resilient household sector on the back of improved income and steady labour market conditions, as reflected in the lower unemployment rate,” Kenanga said.

According to AIBIM, financial institutions are required to stop imposing fees on housing loan and home financing documents to lawyers from Feb 1 this year as part of the standardisation exercise.

Thursday's decision to maintain the OPR at 2.

This is the second consecutive time the central bank maintained its benchmark interest rate after four straight hikes last year by a cumulative 100 basis points to tame inflation and respond to tightening fiscal policy by the US Federal Reserve.

Since 2013, banks have somehow been “selling” and “billing” the security documents to lawyers for prices ranging between RM100 and RM600.

Bank Negara Malaysia wants banks to cease charging a fee relating to the provision of housing loan or home financing documentation for financial customers.

Economists believe the government is unlikely to slash subsidies abruptly in Malaysia, especially those regarding electricity and petrol.

In 2022, BNM raised the OPR four times at 25bps each, which upped the OPR level from its record low of 1.

The committee’s final interest rate hike of 2022 was in line with Bloomberg median economist expectations and marked the fourth consecutive 25bps hike of this year, translating to a year-to-date increase of 100bps.