After the Malaysian central bank (BNM)’s second overnight policy rate (OPR) cut on March 3, economists said that it will decide to shave off the key rate again and the cut will happen as early as May.
Malaysian central bank, known as Bank Negara Malaysia (BNM). (Photo: malaysiandigest.com)
Kuala Lumpur (VNA) – After the Malaysian central bank (BNM)’s second overnightpolicy rate (OPR) cut on March 3, economists said that it will decide to shave off the key rate again and the cut will happen as early asMay.
It is premisedon further downside risks emanating from the evolving COVID-19 outbreak and theglobal economic downturn.
According tothe Hong Leong Investment Bank Bhd, though the BNM projected growth to improvein the second half of this year, the Malaysian Monetary Policy Committee (MPC)said unclear policies of the new government coupled with the COVID-19 outbreakand external risks could hamper the economic recovery.
Another 25percentage point cut by the BNM remains on the table that would bring the keyrate down further to 2.25 percent, it said.
On March 3,the BNM cut its OPR to the lowest in 20 years at 2.5 percent, with the aim tosupport the economy.
The decisionis to create a more suitable financial environment to back the growth pace ofthe national economy.
This was thecentral bank’s second cut in less than three months, with the first being 0.25percentage point reduction to 2.75 percent.
To mitigatethe economic impact of the epidemic, the Malaysian Government has released aneconomic stimulus package worth 20 billion RM (4.78 billion USD) in an effortto address the outbreak’s impacts, catalysing people-based growth, andencouraging quality investment./.
Domestic banks forecast that the lending interest rates would drop in line with the government’s policy to support production and business activities of enterprises.
In recent days, many domestic banks have lowered both deposit and lending interest rates for short-term VND loans to support businesses in the year-end months.
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The tax adjustment supports the Malaysian Government’s strategy to reduce reliance on foreign food supply chains and to assist domestic farmers, a finance official has said.
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Malaysian central bank, known as Bank Negara Malaysia (BNM). (Photo: malaysiandigest.com)
