Malaysian central bank maintains key policy rate at 1.75 pct
Source: Xinhua | 2020-11-04
Malaysia's Central Bank, Bank Negara Malaysia, on Tuesday maintained the country's Overnight Policy Rate (OPR) at 1.75 percent.
Bank Negara said in a statement that its Monetary Policy Committee (MPC) considers the stance of monetary policy to be appropriate and accommodative.
"The cumulative 125 basis points reduction in the OPR this year will continue to provide stimulus to the economy," said Bank Negara.
It also noted that the MPC will continue to assess evolving conditions and their implications on the overall outlook for inflation and domestic growth.
"The bank remains committed to utilize its policy levers as appropriate to create enabling conditions for a sustainable economic recovery," it said.
Bank Negara said, the global economy continues to recover, led by improvements in manufacturing and export activity, as latest indicators show that economic activity picked up in most advanced and regional economies, with a more pronounced recovery momentum in China.
"However, recent resurgences in COVID-19 cases have caused some major economies to re-introduce containment measures, although generally less restrictive than earlier measures," said the central bank.
"This suggests that the global economic recovery will likely remain uneven in the near-term," it said.
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