OPR unchanged 3.50%

KUALA LUMPUR, Aug 24 (Bernama) -- Bank Negara Malaysia's Monetary Policy Committee (MPC) has decided to leave the Overnight Policy Rate (OPR) unchanged at 3.50 percent.The rate was unchanged by the committee during its meeting today, the 11th straight time since April last year.BNM, in a statement today noted that the growth of the Malaysian economy has remained strong in the first half of the year with the slower external sector being balanced by stronger growth in domestic demand.In assessing the outlook for the rest of the year, BNM said that the turbulence in the global financial markets over the recent weeks has created a higher degree of uncertainty regarding global economic growth."While the Malaysian economy is not insulated from the volatility in the global financial markets and possible consequential moderation in global demand, strong domestic fundamentals will provide a sound foundation for growth," it said."While rising global food and commodity prices could potentially increase the risk of higher prices, the inflation rate in Malaysia is expected to remain low."The central bank also said that inflationary expectations are also well-contained.The future stance of monetary policy would be determined by Bank Negara Malaysia's assessment of new data and information and their implications on the medium-term prospects for price stability and economic growth, BNM added.