KUALA LUMPUR, Jan 3 (Bernama) -- ECM Libra Investment Research expects the next Monetary Policy Committee meeting, scheduled for January 31, to maintain the overnight policy rate (OPR) at 3.0 per cent.

It said the OPR would remain at current levels until the inflation rate comes down.

The research firm said the country's monetary policy was still accommodative with the November broad money growing 12.8 per cent, year-on-year, while the OPR has created a low real interest rate environment.

"The OPR of 3.0 per cent itself is tuned to the current inflation rate of3.3 per cent, hinting a negative real interest rate.

"This makes the OPR accommodative for economic growth as it makes spending a more attractive alternative to savings.

"However, inflation may have peaked and so the negative real interest rate phenomenon may not persist too far into the future," it said in a statement.

Meanwhile, OSK Research said November's loan growth moderated to 12.8 per cent, from 13.1 per cent, in October due to slower growth in both household and business segments.

"Weaker growth in the construction segment and working capital dragged business loans lower while weaker growth in purchase of securities and credit cards weighed down the household segment," it added.

OSK picked Maybank and RHB Capital as top banking counters with fair values of RM9.60 and RM9.90, respectively.