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Financial News: Malaysia Central Bank Keeps Policy Rate Steady At

Malaysia Central Bank Keeps Policy Rate Steady At 3.00%

01/24/2024 - 06:49:00 (RTTNews)

(RTTNews) - Bank Negara Malaysia left its key interest rate unchanged for the fourth straight meeting on Wednesday, as policymakers judged that the current monetary stance remains supportive of the economy and is consistent with the on-going assessment of inflation and growth prospects.

The Monetary Policy Committee left the overnight policy rate unchanged at 3.00 percent, as expected.

The previous rate change was a 25 bps hike in May 2023.

The central bank observed that the country's headline and core inflation continued to moderate in the fourth quarter, mainly due to lower cost pressures amid stabilizing demand conditions.

In 2024, inflation is expected to remain modest, broadly reflecting stable cost and demand conditions.

As the risk of heightened volatility in the global financial and foreign exchange markets remains, Bank Negara Malaysia will continue to ensure sufficient liquidity to support the orderly functioning of the domestic foreign exchange market, the bank said in a statement.

The bank reiterated that in order to make an assessment of the outlook for domestic inflation and growth, the monetary policy committee must remain vigilant of ongoing developments.

Capital Economics economist Shivaan Tandon said monetary policy is likely set for an extended pause as policymakers attempt to strike a balance between supporting the economy and combating inflation.

The central bank is likely to look past the looming jump in inflation if, as we expect, the economy remains weak and core inflation subdued, the economist added.

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