KUALA LUMPUR, March 24 — Bank Negara Malaysia (BNM) says Malaysia’s economy is primarily driven by domestic factors, despite the escalating US tariffs impacting global growth....
Bank Negara Malaysia governor Datuk Seri Abdul Rasheed Ghaffour speaking at the launch of BNM ’s Economic and Monetary Review 2024. — Picture by Firdaus LatifKUALA LUMPUR, March 24 — Bank Negara Malaysia says Malaysia’s economy is primarily driven by domestic factors, despite the escalating US tariffs impacting global growth.
Speaking at the launch of BNM’s Economic and Monetary Review 2024, BNM governor Datuk Seri Abdul Rasheed Ghaffour stressed that Malaysia’s policy decisions, including rate adjustments, would be based on domestic considerations rather than external monetary shifts. He said that the US’s imposition of tariffs on imports could weaken businesses, thus slowing consumer spending globally. This, in turn, could have a spillover effect on Malaysia’s exports. When asked if interest rate cuts were a possibility, he said that BNM’s monetary policies remain independent and data driven.“We look at the domestic conditions. Not so much what happens elsewhere.
Despite global economic uncertainties, BNM remains confident in Malaysia’s economic resilience. The central bank has projected a GDP growth rate of between 4.5 and 5.5 per cent for 2025.
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