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Moody’s: BNM likely to be first in ASEAN to start raising interest rates
by Cals Wed 12 Feb 2014, 03:05
| Moody’s: BNM likely to be first in ASEAN to start raising interest rates |
| Business & Markets 2014 |
| Written by Jonathan Gan at theedgemalaysia.com |
| Tuesday, 11 February 2014 15:31 |
KUALA LUMPUR (Feb 11): Malaysia’s central bank Bank Negara Malaysia (BNM) will likely be the first in ASEAN to start raising interest rates this year, said Moody’s Analytics.
Matthew Circosta, economist at Moody’s Analytics, said in a statement today that “because of its relatively favourable growth outlook and rising inflation, Malaysia's central bank will likely be the first in ASEAN to start hiking interest rates this year.”
Circosta also said that improved export-manufacturing performance would likely boost the country’s GDP growth to 5% y-o-y for the second straight quarter.
He added that Malaysian’s external sector should strengthen on the back of better recoveries in the US and Europe this year.
“A weaker ringgit, which hovers around a 3.5-year low of RM3.33 against the dollar, will also help improve export competitiveness. We expect the economy to continue booking 5%-plus growth rates through the first half of 2014.”
Malaysia’s economy has bounced back in the second half of 2013 after posting below trend-growth through the first half of 2013 due to a boost from stronger electronics demand.
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