BNM maintains OPR at 3% in March 2024 meeting, so hire purchase interest rate won’t go up, for now

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BNM maintains OPR at 3% in March 2024 meeting, so hire purchase interest rate won’t go up, for now

Following today’s monetary policy committee (MPC) meeting, Bank Negara Malaysia (BNM) has decided to maintain the overnight policy rate (OPR) at 3%. The 3% OPR has been the same since May 2023 when it was increased by 25 basis points from 2.75%.

Car loans are affected by the OPR, with higher rates resulting in hire purchase loans becoming more expensive and potentially harder to gain approval. This will have an impact on car sales. So this should be good news for the MAA.

According to BNM, the OPR level is in line with the health of the economy and remains supportive of growth while keeping inflation in check. The BNM MPC meets to make OPR decisions every two months.

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Paul Tan

After dabbling for years in the IT industry, Paul Tan initially began this site as a general blog covering various topics of personal interest. With an increasing number of readers paying rapt attention to the motoring stories, one thing led to another and the rest, as they say, is history.

 

Comments

  • policeman on Mar 07, 2024 at 7:23 pm

    Malaysia elok dohhh

    Like or Dislike: Thumb up 6 Thumb down 2
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  • yusrykru on Mar 07, 2024 at 8:08 pm

    fuh if big news, pautan (pun intended) from the man himself lol

    Like or Dislike: Thumb up 2 Thumb down 0
    Reply
  • Ben Yap on Mar 08, 2024 at 8:07 am

    should have increase it to 3.25%. the market can still take it.

    Like or Dislike: Thumb up 1 Thumb down 2
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    • Blackrock general clerk on Mar 09, 2024 at 12:25 pm

      Sure or not? Seems like majority can’t take it, with high monthly debts of credit cards personal loans they are known as moonlighting race

      Like or Dislike: Thumb up 0 Thumb down 0
      Reply
  • Rakyat Malaysia on Mar 08, 2024 at 6:36 pm

    After upping SST and angering all the rakyats they still dare to up OPR ke?

    Like or Dislike: Thumb up 0 Thumb down 0
    Reply
  • hazri on Mar 11, 2024 at 9:18 pm

    my house loan in elite area is still maintain at 3k permonth, syukurr

    Like or Dislike: Thumb up 0 Thumb down 0
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