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Financial News: Malaysia Central Bank Keeps Rate Unchanged

Malaysia Central Bank Keeps Rate Unchanged

09/09/2021 - 05:59:00 (RTTNews)

(RTTNews) - Malaysia's central bank decided to leave its key interest rates unchanged, as widely expected, on Thursday.

The Monetary Policy Committee of Bank Negara Malaysia decided to maintain the overnight policy rate at 1.75 percent.

Policymakers observed that the further easing of containment measures, rapid progress of the domestic vaccination programme and continued expansion in global demand will support the growth momentum going into 2022.

Nonetheless, risks to the growth outlook remain tilted to the downside due to external and domestic factors.

Headline inflation is projected to average between 2.0 percent and 3.0 percent for 2021. Underlying inflation, as measured by core inflation, is expected to remain subdued, averaging between 0.5 percent and 1.5 percent for the year, amid continued spare capacity in the economy.

Given the uncertainties surrounding the pandemic, the MPC repeated that the stance of monetary policy will continue to be determined by new data and information and their implications on the overall outlook for inflation and domestic growth.

Although the economy should start to rebound now that virus restrictions are being eased, output is likely to remain below potential for some time to come, Alex Holmes and Gareth Leather, economists at Capital Economics, said.

The economist said the upshot is that interest rates are likely to remain on hold for some time to come, and financial markets are getting well ahead of themselves by pricing in a 25 basis point hike in the middle of next year.

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