Malaysia Monetary Policy September 2017


Malaysia: BNM holds its policy rate unchanged in September

September 7, 2017

Bank Negara Malaysia (BNM) decided to keep the Overnight Policy Rate unchanged at 3.00% at its 7 September monetary policy meeting, as widely expected by market analysts. The Bank has held the rate unchanged since July 2016.

Despite growing optimism about the Malaysian economy, BNM decided to keep monetary policy unchanged, suggesting that a degree of accommodation is still needed. While Q2 GDP surprised on the upside, volatility in commodity prices and geopolitical risks are still weighing on the country’s growth outlook. Regarding price pressures, the Bank sees inflation moderating in the second half of the year.

Almost all of our panel of analysts participating in FocusEconomics’ Consensus Forecast expect the Bank to keep rates unchanged this year. In 2018, the majority of panelists see the Bank continuing to hold the policy rate unchanged, with the Consensus at 3.13%.

Author: Angela Bouzanis, Senior Economist

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Malaysia Monetary Policy Chart

Malaysia Monetary Policy September 2017

Note: Overnight Policy Rate in %.
Source: Bank Negara Malaysia (BNM).

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