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Malaysian economy on track for 4% to 5% growth, central bank governor says

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KUALA LUMPUR, July 28 : Malaysia’s economy is on track to grow by between 4 per cent and 5 per cent this year despite the global energy supply shock from the Middle East conflict, its central bank governor said at a forum on Tuesday. 

• Economic growth will likely be towards the upper end of the forecast range as inflation remains manageable, Bank Negara Malaysia Governor Abdul Rasheed Ghaffour said.

• The central bank will continue to play its part in maintaining price stability as global uncertainties persist and energy prices remain high, he said.

• BNM’s policy stance remains in line with the domestic growth and inflation outlook, Abdul Rasheed added.

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• BNM left its key interest rate unchanged at 2.75 per cent for the sixth straight policy meeting in July.

• Headline and core inflation averaged 1.7 per cent and 2.1 per cent, respectively, over the first five months of the year.

• Although energy prices have soared, the government has maintained subsidies for fuel and diesel.

• The government may spend up to 40 billion ringgit ($9.8 billion) on fuel subsidies this year, more than double its initial budget allocation, if energy prices remain elevated.

($1 = 4.0830 ringgit)

Source: Reuters

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