Malaysian Ringgit: Stable as BNM holds rates – Commerzbank

Commerzbank’s Dr. Henry Hao and Moses Lim note that Bank Negara Malaysia (BNM) kept the OPR at 2.75% for a sixth straight meeting, maintaining a cautious tone on global risks. Growth is still expected within a 4–5% range, with inflation contained. USD/MYR eased to 4.07 but remains elevated due to domestic political uncertainty and upcoming state elections.

Ringgit steady under policy hold

"BNM kept the OPR unchanged at 2.75% for a sixth consecutive meeting, in line with market expectations."

"Overall, BNM continues to expect growth within its 4-5% forecast range this year, although weaker commodity production and a prolonged Middle East conflict could push growth towards the lower end."

"On inflation, BNM assessed that price pressures remain contained despite higher global commodity prices."

"Headline and core inflation averaged 1.7% and 2.1% respectively in the first five months of the year, staying within BNM's 2026 forecast range of 1.5-2.5%."

"Therefore, we expect BNM to remain on hold for the rest of the year."