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

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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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