Financial News: Malaysia Maintains Key Policy Rate As Expected

Malaysia Maintains Key Policy Rate As Expected

11/06/2024 - 02:50:00 (RTTNews)

(RTTNews) - Malaysia's central bank left its benchmark interest rate unchanged on Wednesday, as widely expected, as inflation remains moderate.

At the final meeting of the year, the Monetary Policy Committee of Bank Negara Malaysia headed by Datuk Abdul Rasheed Ghaffour decided to maintain the Overnight Policy Rate at 3.00 percent.

Previously, the bank had changed the rate in May 2023, when it was raised by 25 basis points.

The committee reiterated that the monetary policy stance remains supportive of the economy and is consistent with the current assessment of inflation and growth prospects.

The MPC repeated that it will ensure that the monetary policy stance remains conducive to sustainable economic growth amid price stability.

The bank observed that headline and core inflation remain modest, averaging 1.8 percent in the year-to-date period.

Inflation is expected to remain manageable going into 2025, amid the easing global cost conditions and the absence of excessive domestic demand pressures.

However, policymakers cautioned that the inflation outlook is subject to the government policy measures.

The MPC noted that the strength in domestic economic activity was underpinned by resilient domestic expenditure and higher export activity.

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