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Bank Negara Malaysia holds key interest rate

Saturday, 13 May 2017

PETALING JAYA: The central bank has left the key interest rate unchanged saying that inflation posed little impact with economy is expected to sustain its growth momentum. The Bank Negara said yesterday that it is maintaining its overnight policy rate (OPR) at 3%.

“Given the improvement in global growth, exports are expected to perform more strongly and contribute positively to Malaysia’s economic growth,” the central bank said in a statement.

Bank Negara estimated that Malaysia’s economy is expected to grow at a range of between 4.3% and 4.8%. Last year, the economy grew 4.2%. Meanwhile, inflation rate in accelerated to its fastest rate since November 2008 to 5.1% y-o-y in March driven by costlier fuel prices.

“The increase in inflation reflected mainly the pass-through impact of higher global oil prices and temporary supply disruptions that led to higher food prices,” Bank Negara said.

For the full year, he said that the central bank kept its forecasts for average inflation this year at 3.4%. Bank Negara expected that the trend of domestic headline inflation to moderate in the second half of the year.

“However, the trend of domestic headline inflation will be dependent on future global oil prices which remain highly uncertain.

Source by: Internet

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