Bank Negara Malaysia became in May last year one of the first Asian central banks to hike rates in the current cycle and has added a cumulative 100 basis points. But it has largely failed to tame rising inflation, which was atMedian forecasts in the poll showed inflation to average 3.0% this year, an upgrade from the 2.8% predicted in October.
All but one of 27 economists in the Jan. 10-16 Reuters poll forecast the central bank to hike its overnight policy rate "The slower pace of rate hikes by the U.S. Fed has supported the ringgit, but there may be downward pressure via the trade channel due to expected weakness in global demand." While a slim majority of respondents, 13 of 24, expected rates to still be 3.00% at end-March, 10 of them had a 3.25% forecast.
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