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KUALA LUMPUR (March 4): RHB Investment Bank Bhd Research said Bank Negara Malaysia’s (BNM) monetary policy committee statement appeared to indicate no further rate cuts unless the GDP growth trajectory is disrupted.
In a note today, the research house said it expects overnight policy (OPR) rate to stay put for the time being after BNM cut OPR by 25 basis points to 2.5% – its second cut this year.
“BNM sees the impact of the COVID-19 outbreak to last till 1H20, with growth expected to improve in 2H20.
“Nevertheless, it noted that conditions could change given the uncertain nature of the virus outbreak,” it said.
RHB IB said on the domestic front, the outbreak is expected to keep Malaysia’s growth on a downward trajectory, especially in the near term.
“On top of that, supply disruption from the agriculture sector would likely add to the country’s woes.
“However, the RM20 billion economic stimulus announced by the government last week should provide some cushion to the slowdown in growth,” it said.
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