BNM kept the OPR at 3.00%, in its first Monetary Policy Meeting of 2024, which is in line with market expectations.
In the Monetary Policy Statement, BNM highlighted that the local economic expansion remains underpinned by domestic demand amid strong labour market conditions. Global trade is altogether on an improving trend, especially with the recovery in the E&E sector.
BNM foresee Malaysia’s economy to improve further amid external trade recovery and resilient domestic demand. Domestic economic activities to stay on expansionary momentum, supported by improving labour market conditions, steady income growth, higher tourist arrivals and realisation of multi-year and infra projects.
“The focus of BNM’s monetary policy setting is to ensure a sustainable growth momentum of Malaysia’s economy. Even though in recovery mode, the external environment will stay challenging in 2024 amid geopolitical tensions and potentially slower global growth.
“Domestic economic outlook is predicted to stay vigilant and resilient underpinned by steady domestic demand. However, the stabilisation of the core inflation rate and the challenging external environment may influence BNM to keep the OPR status quo throughout 2024,” says MIDF.
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