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Financial News: Malaysian Central Bank Holds Policy Rate Steady At

Malaysian Central Bank Holds Policy Rate Steady At 3.00%

03/07/2024 - 09:58:00 (RTTNews)

(RTTNews) - Bank Negara Malaysia left its key interest rate unchanged for the fifth straight meeting on Thursday, as policymakers judged that the current policy 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 country's headline and core inflation stood at 1.5 percent and 1.3 percent, respectively, in January, trending in line with expectations.

The central bank said that inflation is expected to remain moderate this year, broadly reflecting stable demand conditions and contained cost pressures.

However, the policymakers insisted that the outlook would be highly dependent on the implementation of domestic policy on subsidies and price controls, as well as global commodity prices and financial market developments.

During the year 2023, the Malaysian economy expanded 3.7 percent. Looking ahead, the bank expects growth to improve in 2024, driven by the recovery in exports and resilient domestic expenditure.

Apart from this, export growth is showing positive signs and will continue to be supported by stronger global trade. The rising trend of spending and tourist arrivals will also benefit the domestic economy, the bank observed.

The BNM reiterated that the monetary policy committee remains vigilant to ongoing developments to inform the assessment of the outlook for domestic inflation and growth and to ensure that the monetary policy stance remains conducive to sustainable economic growth amid price stability.

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