13 May 2019
“Perhaps the question has not arrived at this point of time, as we are very different fundamentally from when we needed to peg the ringgit in 1998,” she told Bernama on the sidelines of the two-day Invest Asia 2019 event here, recently. Meanwhile, asked if Bank Negara Malaysia’s latest Overnight Policy Rate cut of 25 basis points to three per cent would further hamper the already bad-performing ringgit, Ami opined that the move would be able to put the ringgit on a better footing in the medium term.
While the prevailing trade war between US and China is impacting most economies in the region, Ami believed that if BNM wanted to ensure the economic momentum was preserved, the OPR reduction would effectively lower the borrowing cost and enabled consumers to have more money in their pockets. “Therefore, this 25 bps, according to our house’s view, would either have a ‘neutral’ or ‘marginally negative’ impact on banking sector, and our house’s view on the FBM KLCI remains at 1,760 at end-2019,” she said.
Asked if Malaysia could still achieve the 2019 GDP growth between of 4.3 and 4.8 per cent as projected by BNM earlier, amid the escalating trade war and contraction in loan applications, Ami said the confirmation of mega projects such as the East Coast Rail Link and Bandar Malaysia would be the new growth drivers for the economy but the projects required a lot of funding.
1998? How about 2008?
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