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Malaysia Keeps Rate Steady
Malaysia Keeps Rate Steady

Malaysia Keeps Rate Steady

Malaysia Keeps Rate Steady

Malaysia’s central bank left its benchmark interest rate unchanged in the first policy meeting under a new governor, providing support to an economy that Prime Minister Mahathir Mohamad is trying to revamp, Bloomberg reported. Bank Negara Malaysia held the overnight policy rate at 3.25%, it said in a statement in Kuala Lumpur on Wednesday, as predicted by all 19 economists in a Bloomberg survey. Governor Nor Shamsiah Mohd Yunus has ample room to keep policy unchanged despite an emerging-market sell-off that’s forced her counterparts in Indonesia and the Philippines to take more aggressive steps to defend their currencies. The inflation outlook remains benign in Malaysia after the government scrapped a consumption tax, while economic growth may ease as Mahathir cuts back on spending to rein in government debt. The ringgit is up about 0.4% against the dollar this year, compared with a 6.7% slump in the Philippine peso and a 5.7% decline in the Indonesian rupiah.

 

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