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Financial News: Malaysia Central Bank Keeps Rate Unchanged

Malaysia Central Bank Keeps Rate Unchanged

11/03/2021 - 05:39:00 (RTTNews)

(RTTNews) - Malaysia's central bank left its key interest rates unchanged again, as widely expected, on Wednesday.

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

Policymakers viewed the current stance of monetary policy to be appropriate and accommodative.

Given the uncertainties surrounding the pandemic, the bank said 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.

Further, the bank said it remains committed to utilize its policy levers as appropriate to foster enabling conditions for a sustainable economic recovery.

Headline inflation is forecast to average within the range of between 2.0 percent and 3.0 percent for 2021. Inflation is expected to remain moderate next year.

However, the bank cautioned that the outlook continues to be subject to global commodity price developments and some risk from prolonged supply-related disruptions. Going into 2022, the economic growth momentum is expected to improve, supported by expansion in global demand, higher private sector expenditure in line with the resumption of economic activity and continued policy support.

With inflation set to remain subdued, interest rates will remain on hold for some time to come, and the tightening cycle is unlikely to start until 2023, Alex Holmes, an economist at Capital Economics, said.

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