Bank Negara Malaysia (BNM) maintained the overnight policy rate (OPR) at 2% at its Monetary PolicyCommittee meeting yesterday but said the economy was expected to record a marked contraction in the firstquarter. The sharply adverse global developments had resulted in steep declines in the country’s export andindustrial production, which had in turn affected private sector activity and labour market conditions. “Thecurrent assessment is that the domestic economy is expected to improve in the second half of 2009, supportedby stabilization in global economic conditions and the larger impetus from the implementation of the fiscalstimulus measures. (FinancialDaily)