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Nikkei Markets

Malaysia's Central Bank Keeps Policy Rate Steady, May Review Stance

By Jason Ng
Nikkei Markets
KUALA LUMPUR (Nov 09) -- Malaysia's central bank Thursday kept the benchmark policy interest rate unchanged as expected but said that it may review its stance going ahead.

Bank Negara Malaysia's monetary policy committee held the Overnight Policy Rate at 3.00% at the last of its six scheduled meetings this year, the central bank said in a statement. BNM has kept interest rates unchanged since July 2016 when it unexpectedly cut the interest rate by 25 basis points.

"Given the strength of the global and domestic macroeconomic conditions, the Monetary Policy Committee may consider reviewing the current degree of monetary accommodation," the BNM said. "This is to ensure the sustainability of the growth prospects of the Malaysian economy."

The consumer price index - Malaysia's main gauge of inflation - rose 4.3% in September from a year earlier, according to the Department of Statistics. Inflation is expected to moderate next year, Malaysia's central bank said today.

"Nevertheless, the trend of headline inflation will be dependent on future global oil prices which remain highly uncertain," Bank Negara said.

Growth in 2017 is expected to come in at 5.2%-5.7% against last year's 4.2% on year rise, according to the government's annual economic report.
- By Jason Ng; Jason.Ng@NikkeiNewsRise.com; +60320267363
- Edited by Mrigank Dhaniwala
- Send Feedback to feedback@nikkeinewsrise.com
- Copyright (c) 2017 Nikkei NewsRise Asia Pte Ltd.

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