KUALA LUMPUR: Bank Negara Malaysia (BNM) has increased the Overnight Policy Rate (OPR) by 25 basis points to 2.50 per cent at its fifth Monetary Policy Committee (MPC) meeting today.

The central bank said the ceiling and floor rates of the corridor of the OPR are correspondingly increased to 2.75 per cent and 2.25 per cent respectively.

“The global economy continued to expand, albeit at a slower pace, weighed down by rising cost pressures, tighter global financial conditions, and strict containment measures in China.

“However, global growth continues to be supported by improvements in labor market conditions and the full reopening of most economies and international borders,” BNM said in its monetary policy statement today.