What to expect in Bank Negara policy statement today.
KUALA LUMPUR: Bank Negara Malaysia could be the next to steer toward an easing bias amid the onset of deflation and an expected slowing economy.
After being the first in the region to tighten in January 2018, the monetary authority has held its overnight rate steady at 3.25% since then. Analysts at banks including Deutsche Bank AG and Nomura Holdings expect a cut in 2019. Finance Minister Lim Guan Eng has said the decline is due to lower oil prices and tax changes, rather than weakening demand, and therefore can’t be compared to the deflationary period a decade ago in the aftermath of the global financial crisis. He is also seeking to ensure falling prices translate to lower costs of living for ordinary Malaysians, who haven’t felt the decrease in their wallets.
The government is almost done with reviewing public projects and cutting spending as it seeks to rein in the budget deficit, and will push for state investment to boost growth, Finance Minister Lim said last month.
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