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Update Malaysia c.bank gov: Rate cut not the start of an easing cycle
by Cals Fri 15 Jul 2016, 00:45
- Update
[size=28]Malaysia c.bank gov: Rate cut not the start of an easing cycle
By Reuters / Reuters | July 14, 2016 : 7:11 PM MYTKUALA LUMPUR (July 14): Malaysia's first interest rate cut in years was a "pre-emptive move" to ensure solid 2016 growth and it is "not true" there will be a series of rate reductions, state media Bernama on Thursday quoted the central bank governor as saying.
Bank Negara Malaysia on Wednesday surprised markets by cutting its overnight interest rate by 25 basis points to 3.00%, the country's first rate cut since 2009.
The central bank said the cut was meant to keep the country on a "steady growth path" as it sees more clouds over the global economy after Britain's Brexit vote.
On Thursday, Bernama quoted Governor Muhammad Ibrahim as saying low inflation was one reason there was a window of opportunity for the BNM's monetary policy committee to change the rate, which was last adjusted in July 2014.
Bernama said the governor said rate decisions depended on looking at data and seeing what was needed. "So to say that there will be a series of rate cuts is not true, but it's true we will keep an open mind every time we sit (for a policy meeting)," it quoted Muhammad as saying.
The governor reiterated Malaysia's 2016 growth forecast at 4.0%-4.5%.
Southeast Asia's third-largest economy has posted five quarters of slowing growth, tied to weakness in global crude and commodity price.
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