CGS-CIMB Research maintained its expectation of no overnight policy rate (OPR) hike during the Monetary Policy Committee (MPC) final meeting in November, keeping the end-2022 interest rate at 2.50 percent.

For 2023, the brokerage firm is pricing in two 25 basis points (bps) rate hikes, bringing the OPR to 3.00 percent. However, it is less convinced of a rosy global condition ahead as the United States is likely to display a marked economic slowdown amid a series of interest rate hikes.