Report published September 3, 2026
Malaysia: BNM Keeps Rate on Hold at 2.75%; Policy Language Turns Slightly Hawkish
Source and citation context
- Issuer
- Goldman Sachs
- Report date
- September 3, 2026
- Analysis as of
- Not stated in source
Authors / editors: Chris Poh, Danny Suwanapruti
Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Bank Negara Malaysia maintained its Overnight Policy Rate at 2.75% as expected, but adopted a slightly hawkish tone by raising growth projections and removing 'appropriate' from its policy stance description. Goldman Sachs maintains its hold forecast for 2026 while highlighting a rising risk of a 25bp rate hike in H1 2027.
Key Takeaways
- 1.Bank Negara Malaysia kept the Overnight Policy Rate (OPR) unchanged at 2.75%, matching consensus and Goldman Sachs forecasts.
- 2.BNM upgraded its 2026 GDP growth outlook to around 5% (up from 4%–5% guidance in July) following a 5.7% yoy expansion in H1 2026.
- 3.BNM modified its policy stance description by dropping 'appropriate' and only calling it 'consistent' with price stability and sustainable growth.
Table of Contents
- Bottom line
- Key numbers
- Main points
- Disclosure Appendix
Report data
Key figures extracted from this report
| Metric | Estimate | Context |
|---|---|---|
| Overnight Policy Rate (OPR) | 2.75% | BNM policy rate decision, matching GS estimate and Bloomberg consensus |
| H1 2026 GDP Growth | 5.7 % yoy | Malaysian economic expansion in the first half of 2026 |
| Full-Year 2026 GDP Growth Guidance | around 5% | Upgraded from July guidance of firmly within 4% to 5% |
| Projected Rate Hike | 25 bps | Goldman Sachs sees a rising risk of a 25bp rate hike in the first half of 2027 |
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Authors / Editors
Reported Data Context
- Overnight Policy Rate (OPR): 2.75 % (September 2026) · Source: Bank Negara Malaysia / Bloomberg
- H1 2026 GDP Growth: 5.7 % yoy (H1 2026) · Source: Bank Negara Malaysia
- Full-Year 2026 GDP Growth Guidance: around 5 % (Full-Year 2026) · Source: Bank Negara Malaysia
- Projected Rate Hike: 25 bps (H1 2027) · Source: Goldman Sachs
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