Malaysia’s central bank kept benchmark interest rates unchanged as expected, amid signs of moderating growth and easing inflation, with economists saying it will likely stay on hold for the rest of the year. | Reuters
“The Monetary Policy Committee will ensure that the monetary policy stance remains conducive to sustainable economic growth amid price stability,” the central bank said in a statement.
BNM has forecast headline inflation to average between 2.8 percent to 3.8 percent in 2023, compared with 3.3 percent last year. Economic growth is expected to moderate to 4 percent to 5 percent this year. Worries over economic growth will begin to mount over the coming months, with a weaker ringgit also a drag.
The ringgit is the worst-performing currency in Southeast Asia this year. BNM has said it would intervene in the foreign exchange markets to stabilize the ringgit, which has dropped nearly 6% against the U.S. dollar this year.All but three of the 25 economists polled by Reuters had expected the central bank to maintain its overnight policy rate at 3 percent, with a majority forecasting that rates would remain unchanged for the rest of the year.
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