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MNI BNM PREVIEW - November 2024: Comfortably On Hold

We expect BNM to remain on hold at tomorrow's policy meeting.
Asia Bank - PreviewCentral Bank of Malaysia - PreviewAPACAnalysisEM Central Bank ReportsEM Central Bank PreviewGlobalStoryRegion

EXECUTIVE SUMMARY: 

  • At the most recent BNM meeting in September the Central Bank kept rates on hold at 3.00% citing forward looking indicators suggested a sustained period of strong economic activity would be supported by resilient domestic expenditure and higher export activity.
  • Since that meeting there has been two data releases for exports.  The first for August was consistent with the BNM’s positive view.  However, September’s export data was unexpectedly weak, declining -0.3%.  Whilst this appears to materially be impacted by seasonality, it must be watched carefully in the coming months.
  • Market consensus is that the BNM will remain on hold.  It seems sensible to suggest that given the strength of GDP growth and the geopolitical uncertainties outside of Malaysia, there is limited reason for the BNM to alter its course for monetary policy.  

FOR THE FULL PUBLICATION PLEASE USE THE FOLLOWING LINK: BNM Preview - NOV 2024.pdf

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EXECUTIVE SUMMARY: 

  • At the most recent BNM meeting in September the Central Bank kept rates on hold at 3.00% citing forward looking indicators suggested a sustained period of strong economic activity would be supported by resilient domestic expenditure and higher export activity.
  • Since that meeting there has been two data releases for exports.  The first for August was consistent with the BNM’s positive view.  However, September’s export data was unexpectedly weak, declining -0.3%.  Whilst this appears to materially be impacted by seasonality, it must be watched carefully in the coming months.
  • Market consensus is that the BNM will remain on hold.  It seems sensible to suggest that given the strength of GDP growth and the geopolitical uncertainties outside of Malaysia, there is limited reason for the BNM to alter its course for monetary policy.  

FOR THE FULL PUBLICATION PLEASE USE THE FOLLOWING LINK: BNM Preview - NOV 2024.pdf