Bank Negara Malaysia (BNM) is set to hold its Monetary Policy Committee (MPC) meeting on September 6-7, 2023, with the Overnight Policy Rate (OPR) expected to remain unchanged at 3%, according to analysis by OctaFX. This decision is anticipated due to the steady growth of the Malaysian economy.
The domestic financial market and the ringgit exchange rate have been primarily influenced by expectations that the US Federal Reserve's monetary tightening cycle was nearing its end. If the MPC decides to keep the OPR unchanged, it could potentially cause the USD/MYR exchange rate to reach between 4.5000 and 4.5500.
On a related note, headline inflation in Malaysia has shown a decline, registering at 2% in July as per the Monetary and Financial Developments report by BNM.
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