Malaysia: BNM maintains policy rate at 3.25% Sept.

2015

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Home > News > Central Bank maintains policy rate at 3.25%

Malaysia Monetary Policy

Central Bank maintains policy rate at 3.25%

September 11, 2015
At its 11 September monetary policy meeting, Bank Negara Malaysia (BNM) decided to leave the
Overnight Policy Rate (OPR) unchanged at 3.25%. The decision was in line with market
expectations.
The BMN stated that global economic growth continues to expand at a moderate pace in spite of
varying performance across countries. Downside risks to economic expansion? come from
moderating growth across Asia and other emerging markets, however, domestic demand in the
region remains supportive. Malaysia is also susceptible to subdued commodities prices as well as
volatility in financial markets.

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Malaysia: BNM maintains policy rate at 3.25% Sept. 2015

In Malaysia, the adjustment to the Goods and Services Tax continues to hold back domestic
consumption in Q3. This effect will gradually dissipate as wages increase. The Bank also foresees
investment increasing as a result of heightened capital spending in the manufacturing and
services sector. BNM stressed that although the economy was entering challenging times amid
heightened levels of uncertainty regarding domestic and international markets, the country was
moving from a position of strength, with low levels unemployment and manageable levels of
indebtedness.

Malaysia: Inflation continues to decrease in

May

Regarding prices, headline inflation averaged 2.9% in June and July, however the Bank
recognized that inflationary pressures will pick up in the second half of 2015 as the weakened
ringgit stokes inflationary pressures, although lower commodity prices will mitigate some of these
pressures. The Bank foresees inflation peaking in early 2016 and easing though the remainder of
the year.

Malaysia: Growth in industrial production

picks up in April

Certain domestic and external developments have affected the value of the ringgit and the
functioning of domestic capital markets. BNM stated that, these factors include the weaker
commodity prices, the strength of the U.S. dollar, and the uncertainty in the global financial
markets. The ringgit exchange rate will reflect the underlying fundamentals of the economy when
the external and domestic uncertainties recede. Bank Negara Malaysia will continue to ensure the
orderly functioning of the money and foreign exchange markets.
Finally, the Bank remarked that, the stance of monetary policy remains accommodative and
supportive of economic activity. The policy rate decision will be announced on 5 November.
Panelists expect the monetary policy rate to end this year at 3.35%. The panel expects the policy
rate to end 2016 at 3.50%.

Consumer prices in May rose 0.3% over the

previous month after climbing 0.4% in April.
Read more

June 10, 2016

Industrial production increased 3.0% in April
over the same month last year.
Read more
Malaysia: Contraction in exports eases in
April
June 6, 2016
Exports in USD terms fell 3.6% annually in April,
following the 10.7% contraction tallied in March.
Read more
Malaysia: Ringgit ends winning streak in
May
May 20, 2016

Author: Robert Hill, Economist

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Malaysia Monetary Policy Chart

The ringgit has had a tumultuous past year as a

number of issues, both domestic and external,
have impacted the currency.
Read more
Malaysia: Central Bank maintains policy rate
at 3.25% at Governor Ibrahims first policy
meeting
May 19, 2016
On 19 May, Bank Negara Malaysia (BNM) held
its third of six policy meetings this year.
Read more
MORE NEWS

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Malaysia: BNM maintains policy rate at 3.25% Sept. 2015

Note: Overnight Policy Rate in %.

Source: Bank Negara Malaysia (BNM).

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