Kuala lumpur: Bank Negara Malaysia (BNM) is expected to maintain the Overnight Policy Rate (OPR) at 2.75 per cent in November, according to CIMB Investment Bank Bhd. The forecast aligns with the September statement from the Monetary Policy Committee (MPC), which was not accommodating enough to trigger an immediate change.

According to BERNAMA News Agency, the investment bank's note today suggests that Bank Negara Malaysia's monetary policy stance will continue to be data-dependent until the end of 2025. It highlighted that fiscal consolidation is set to continue, with Budget 2026 reaffirming this stance. Historically, fiscal easing has only occurred during severe downturns, while monetary policy adjustments typically materialise when growth dips into the low four per cent range.

CIMB stated that policymakers are likely to remain data-dependent through the next MPC meeting in November. Recent export strength has been flattered by electrical and electronics (E and E) shipments, which accounted for around 42 per cent of total exports, while non-E and E exports, representing 58 per cent, have shown persistent weakness throughout the year. Should this weakness continue, there is potential for a further OPR cut in the first quarter of 2026.