KUALA LUMPUR: BMI, a Fitch Solutions company, expects Bank Negara Malaysia to hold its overnight policy rate at 3.00 per cent until the end of 2024 as domestic inflation continues to ease amid slowing economic growth.
It noted that the Malaysian central bank had on the Sept 7 monetary policy meeting left the overnight policy rate unchanged, which was in line with its consensus and expectations.
BMI observed that the country’s domestic inflation has been on a steady downward trajectory, with headline inflation easing from 2.8 per cent year-on-year in May to 2.0 per cent in July 2023. BMI said the faster-than-expected easing of prices has, in turn, prompted it to lower its end-2023 inflation forecast to 1.8 per cent from 2.0 per cent previously Accordingly, BMI has adjusted its forecast for inflation to an average of 2.6 per cent in 2023 from 2.7 per cent previously, marking a significant slowdown from 3.4 per cent in 2022.
"The ringgit has come under significant pressure, having weakened by 5.9 per cent against the US dollar year-to-date, one of the weakest currencies in the region.
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