KUALA LUMPUR: Affin Bank Bhd is expecting more hikes in the overnight policy rate (OPR) this year until the market goes back to normalcy and inflationary issues rectified.

       Affin president and group chief executive officer Datuk Wan Razly Abdullah Wan Ali said the world is going through a period of high commodity prices, high energy cost and high inflation rate, Bernama reported.

       “We are experiencing inflation right now driven by high commodity prices and high energy cost, so Bank Negara has to take action to normalise the situation. So, we expect to see a few more hikes to happen this year and we anticipate an increase of 50 basis points (bps).

       “At present, 25 bps has been raised so potentially another 25 bps to come,” he said.

       On May 11, 2022, Bank Negara increased the OPR by 25 bps to 2% in its third Monetary Policy Committee meeting this year.