KUALA LUMPUR, March 7 (Xinhua) -- Malaysia's central bank on Thursday has decided to maintain the country's overnight policy rate (OPR) at 3 percent.

The Bank Negara Malaysia said in a statement that the Monetary Policy Committee (MPC) opined that at the current OPR level, the monetary policy stance remains supportive of the economy and is consistent with the current assessment of the inflation and growth prospects.

"The MPC remains vigilant to ongoing developments to inform the assessment on the outlook of domestic inflation and growth. The MPC will ensure that the monetary policy stance remains conducive to sustainable economic growth amid price stability," it said.

The central bank also expected Malaysia's economic growth to improve in 2024, driven by the recovery in exports and resilient domestic expenditure.

It said upside risks to growth mainly emanate from greater spillover from the tech upcycle, more robust tourism activity and faster implementation of existing and new projects.

"Over the medium term, ongoing structural reforms will provide more enduring support to the ringgit," said the bank.