The central bank said in a statement that the current OPR level remains appropriate and supportive of the economy amid price stability.

It noted that global growth in 2025 was stronger than expected, supported by lower-than-anticipated tariffs, stronger AI-led technology spending and fiscal support.

For 2026, BNM said the outlook remains resilient, backed by “sustained domestic demand, moderating inflation, robust tech investments, and supportive fiscal and monetary policies”.

“Downside risks remain, arising from potentially higher tariffs, further escalation in geopolitical tensions and heightened volatility in global financial markets,” it said, while also flagging concerns over elevated valuations in financial markets.

The central bank last adjusted the OPR in July 2025, when it lowered the rate from 3% as a pre-emptive measure to cushion growth against external headwinds.