Bank Negara Malaysia (BNM) hiked the overnight policy rate to 3 per cent, when most economists had expected the central bank to stay pat for a third straight meeting. Read more at straitstimes.com.
KUALA LUMPUR – Malaysia unexpectedly raised its benchmark interest rate by a quarter point on Wednesday, as it seeks to pre-emptively ward off inflationary pressures amid strong domestic demand and looming subsidy cuts.
The decision comes ahead of the government’s plans to cut diesel and petrol subsidies, which could potentially add to price pressures, and precedes the Federal Reserve’s meeting where United States central bankers are expected to move by a quarter point before standing pat for a while. “The current policy settings are slightly accommodative and remains supportive of the economy,” the central bank added.
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