KUALA LUMPUR, June 16 ― Bank Negara Malaysia is likely to raise the overnight policy rate by at least 25 basis points by year-end, in view of the aggressive interest rate hike by the United States Federal Reserve , said Kenanga Investment Bank Bhd.
In its economic report today, Kenanga said the global financial markets’ reaction to the rate hike and its eventual impact on the economy would provide a stronger impetus for most central banks to follow suit. The investment bank said BNM’s policy stance is gradually tilting towards tightening in view of improving domestic demand following the reopening of international borders and relaxation of Covid-19 restrictions, leading to the buildup of a demand-driven inflationary trend.
Meanwhile, RHB Investment Bank Bhd noted that the Malaysian government bond market might see some domestic bids , and net foreign selling could be limited following the Fed's interest rate decision.
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