THE Monetary Policy Committee (MPC) of Bank Negara Malaysia (BNM) has followed most other international central banks and raised the overnight policy rate (OPR) by 25 basis points (bp) to 3%. This is the first time BNM has raised interest rates since November last year, at a time when the MPC expects economic growth to continue. The MPC is holding to its forecast that domestic demand will continue to expand in 2023. Local banks were very quick to respond to the BNM move, where RHB, Public Bank, Affin Bank, Maybank, and Hong Leong Bank have all raised their lending rates to between 6.

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