Bank Negara Malaysia Raises Benchmark Interest Rate Three Consecutive Times to 2.50%
[Asia Economy Reporter Song Seung-seop] The Central Bank of Malaysia (BNM) decided on the 8th to raise the benchmark interest rate by 0.25 percentage points to 2.50%. This marks the first time since 2010 that the benchmark rate has been raised three consecutive times.
The central bank held a monetary policy committee meeting in May and raised the rate by 0.25 percentage points for the first time in 4 years and 4 months since January 2018. At the previous meeting in July, a 0.25% increase was also decided.
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Malaysia had maintained the benchmark interest rate at a record low of 1.75% since July 2020 to counter the economic slowdown caused by COVID-19. However, inflationary pressures are increasing, with the consumer price index (CPI) rising 4.4% year-on-year in July.
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