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Bank Negara holds OPR at 3 pct, surprises with first SRR cut since 2020 to ease liquidity
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AI Summary
Bank Negara Malaysia (BNM) maintained the Overnight Policy Rate (OPR) at 3% but reduced the Statutory Reserve Requirement (SRR) by 100 basis points to 1%, effective May 16. This move, the first SRR reduction since March 2020, injects RM19 billion into the banking system. BNM aims to ensure sufficient liquidity, facilitate better liquidity management for banks amid global market volatility, and support financial intermediation. Analysts believe this signals BNM's intention to ease funding cost pressures and encourage lending without adjusting the OPR.
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