Central Bank of Malaysia opts to leave overnight interest rate at 2%

By Richard Connell

New York, Aug. 25 - The Monetary Policy Council of the Central Bank of Malaysia left its Overnight Policy Rate at 2% at its meeting on Tuesday, according to a news release issued by the bank.

The committee pointed to signs that suggest the global economic environment is improving, while warning that the recovery is likely to be a slow process.

The committee also examined data which showed that the domestic economy of Malaysia has begun to stabilize, including industrial production, financing trends and consumer sentiment.

Inflation declined further in July, caused primarily by lower food and fuel prices, and looking forward the committee forecasts the negative inflation turning positive as the economy strengthens.

With an eye on the improving domestic economic conditions, the committee left the interest rate at 2%, while suggesting no further moves were likely for the foreseeable future.

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