Interest Rate Is Down (OPR Cut)! Should I Buy A Property Now? Amidst Coronavirus Outbreak

Bank Negara Malaysia’s (BNM) Monetary Policy Committee (MPC) has cut the Overnight Policy Rate (OPR) by 25 basis points to 2.50%, on the back of weakened global economic conditions brought about by the ongoing coronavirus (Covid-19) outbreak.

The outbreak interrupted production and travel activity within the region which “led to greater risk aversion, resulting in tighter financial conditions and a resurgence in financial market volatility. Downside risks to the global growth outlook have increased, particularly in the near term,” said BNM.

The central bank foresees that growth, especially in the tourism-related and manufacturing sectors will be affected by the virus outbreak, particularly during the first quarter. Weakness within the agriculture sector is also expected to persist, reported Bernama.

Read: Interest Rate Is Down (OPR Cut)! Should I Buy A Property Now?

Thus, the ceiling and floor rates of the OPR’s corridor were likewise reduced to 2.75% and 2.25%, respectively.

This move is intended to “provide a more accommodative monetary environment to support the projected improvement in economic growth amid price stability,” said BNM.

BNM expects private and public sector activities to be supportive of growth for 2020.

“Household spending is expected to grow at a slower pace amid moderate employment and income growth. Investment activity is projected to record a modest recovery, underpinned by ongoing and new projects, both in the public and private sectors,” explained BNM.

credit/refference : PROPERTYGURU When OPR cut by (BNM) automaticly would be effect interest rate for many product in bank

Purpose (BNM) cut OPR actually need encourage public to spend their money to stabilize our currency and avoid Inflation in the country

📉 when OPR cut automaticly interest rate is down for any bank`s product for example housing loan

📉 when interest rate for housing loan down automaticly installment for the loan would be lowest than last month

📉 when public pay lowest installment for the loan, folk got more extra money to spend for the new loan

📉At the same time for our information usually application for any loan more easier to approve.

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