Malaysia’s rate hold to continue

Following its move to cut rates in response to rising downside risks to growth at its last meeting in July, Malaysia’s central bank (BNM) today left its policy rate unchanged at 3.0%. With growth still on track to meet BNM’s forecast of 4.0-4.5% in 2016 and the ringgit vulnerable to turns in investor sentiment, we think BNM will resist calls for further rate cuts.

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