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MNI BNM Preview - May 2023: No Change Likely

  • On balance, we don’t feel that BNM needs to rush to resume the tightening cycle. Inflation pressures have cooled further, while external headwinds are starting to weigh on export growth.
  • Moreover, ahead of the next policy meeting in early July, BNM will get a further two inflation updates, along with Q1 GDP. The external backdrop may also be clearer by that stage as well.
  • This leaves us expecting no change at tomorrow's BNM policy meeting, which is also where the consensus sits.
  • Full preview is here:

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