Bank Negara Malaysia Maintains Overnight Policy Rate at 1.75% As Anticipated to Support Economic Growth

Bank Negara Malaysia (BNM) reported in a statement that it has maintained the overnight policy rate for Malaysia at 1.75%, adding that it expects an improvement in Malaysia’s economic growth. BNM highlighted that the current monetary policy was accommodative and appropriate and that it was committed towards using its policy mechanisms to create ‘enabling conditions for a sustainable economic recovery’.

Why it matters?

Latest economic indicators out of Malaysia suggest on-going consumer spending and improvements in external demand. This growth will fuel increased production from existing and new manufacturing facilities, especially in primary-related sub-sectors, electrical and electronics, as well as oil and gas. BNM noted that althou...