{"id":59930,"date":"2023-11-24T15:39:08","date_gmt":"2023-11-24T07:39:08","guid":{"rendered":"https:\/\/www.imoney.my\/articles\/?p=59930"},"modified":"2023-11-24T15:39:08","modified_gmt":"2023-11-24T07:39:08","slug":"reuters-poll-economists-bnm-pause-rates","status":"publish","type":"post","link":"https:\/\/www.imoney.my\/articles\/reuters-poll-economists-bnm-pause-rates","title":{"rendered":"Experts Predict BNM Will Pause Rate Hikes Through 2024"},"content":{"rendered":"

According to a <\/span>Reuters\u2019 poll of economic experts<\/span><\/a>, it seems like Bank Negara Malaysia (BNM) might hold its key interest rate at 3% on Thursday and through 2024. This is despite the fact that the Ringgit is currently weakening amidst stable domestic inflation and a steady growth outlook.<\/span><\/p>\n

The Malaysian inflation rate has settled at a relatively low 1.9% in September. This is the lowest it has been since March of 2021, and far below the government\u2019s estimate of 2.5% to 3% for this year. As such, BNM has some wriggle room to be accommodative after a modest tightening cycle, Reuters reports.<\/span><\/p>\n

<\/span>Ringgit has fallen 8% against US dollar in 2023<\/span><\/h2>\n

Although 125 basis points of rate increases have pushed the key interest rate where it was before the COVID-19 pandemic, the Malaysian ringgit has fallen about 8% against the U.S. dollar this year, more than its Southeast Asia peers.<\/span><\/p>\n

There are concerns floating around among Malaysia\u2019s peers regarding a more aggressive stance being taken by the US Federal Reserve and a strong dollar. This has led the Bank of Indonesia and the Philippine central bank to raise rates this month. This in turn adds pressure on BNM to follow suit.<\/span><\/p>\n

<\/span>Malaysian inflation rate to average 2.5% in 2024<\/span><\/h2>\n

According to Reuters\u2019 poll, all but two of thirty economists surveyed forecast that the central bank would hold its overnight policy rate steady 3. The remaining two expected a 25 basis point increase to 3.25%.<\/span><\/p>\n

According to a separate Reuters poll, it appears that Malaysia was expected to grow approximately 4% this year and 4.5% in 2024, while inflation rates was expected to stand at around 2.8% on average and 2.5% in 2024.<\/span><\/p>\n

While the BNM is not forecast to hike again, it seems like economists do not expect a cut any time soon. Among economists who had a long-term view, 23 of 25 expected no change before end-2024.<\/span><\/p>\n

Read More:
\nWill BNM Raise The OPR Again?<\/a>
\nHow Will The OPR Increase Affect You?<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Economic experts seem to believe that BNM will keep rates at 3%.<\/p>\n","protected":false},"author":58,"featured_media":40317,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[271,216],"tags":[522,323,1422,982,1402],"class_list":["post-59930","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-news-updates","tag-bnm","tag-economy","tag-interest-rates","tag-news","tag-reuters"],"acf":[],"yoast_head":"\nEconomists Believe BNM Might Hold Rates Throughout 2024<\/title>\n<meta name=\"description\" content=\"A recent poll revealed that economists think that BNM will be pausing interest rates throughout 2024 despite the weakening ringgit.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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