PETALING JAYA: The Monetary Policy Committee of Bank Negara has increased the overnight policy rate by 25 basis points to 2.25% amid positive growth prospects for the local economy.“Exports and retail spending indicators affirm the positive growth momentum, supported by the transition to endemicity, “ the central bank said in a statement yesterday.
OCBC Bank economist Wellian Wiranto said the fact that the central bank had not gone more “ballistic” with a 50-basis-point hike yesterday speaks of a “heavy preference for a gingerly approach in tightening.”Going forward, he said he expects at least one more 25-basis-point hike this year that will be seen as a further normalisation of policy rate rather than outright tightening.
“While it is projected to remain within the 2.2%-3.2% forecast range for the year, headline inflation may be higher in some months due mainly to the base effect from electricity prices. “Additionally, the reopening of international borders since April 1 would facilitate the recovery in tourism-related sectors.”
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