KUALA LUMPUR- Malaysia’s central bank kept its benchmark interest rate unchanged at its first policy meeting for the year on Wednesday, with improved growth expected although risks from weaker external demand and lower production remain.
Bank Negara Malaysia (BNM) maintained its overnight policy rate (OPR) at 3.00 percent for the fourth meeting in a row, in line with market expectations it will hold rates until at least the end of 2025.
BNM said in a statement that advanced growth estimates indicated Malaysia’s economy expanded in line with expectations last year, adding that growth is expected to improve in 2024, supported by recovery in exports and resilient domestic expenditure.
“The growth outlook remains subject to downside risks stemming from weaker-than-expected external demand and larger declines in commodity production,” the central bank said in a statement on Wednesday.
