Saturday, May 21, 2022
HomeSouth AfricaMalaysia central bank hikes interest rate to tame inflation

Malaysia central bank hikes interest rate to tame inflation


Malaysia‘s central bank raised its key interest rate on Wednesday for the primary time since 2020, in a shock transfer aimed toward taming inflation. Bank Negara Malaysia joins different central banks all over the world in tightening financial coverage as the price of on a regular basis items is pushed increased by provide chain issues and surging commodity costs.

The bank lifted its foremost rate 25 foundation factors to two per cent, regardless of most economists having predicted no change till later within the yr. It was the primary hike since July 2020, when charges had been slashed to a historic low to fight the affect of the coronavirus pandemic.

“Inflationary pressures have increased sharply due to a rise in commodity prices, strained supply chains and strong demand conditions, particularly in the US,” the central bank mentioned in a press release.

With life returning to regular because the pandemic abates, the Malaysian economic system is now on a “firmer footing”, giving policymakers room to begin tightening coverage to head off inflation, it mentioned.
Malaysia’s headline inflation was 2.2 p.c in March, decrease than in lots of different nations, however meals inflation jumped 4 p.c and economists anticipate additional will increase.

SEE ALSO  Bank of Uganda Reportedly Commences CBDC Study

Fears are rising that inflation may speed up additional worldwide as China’s pandemic lockdowns heighten strain on world provide chains and the Ukraine struggle pushes up commodity costs.

Source: eNCA

In different information – Selena Gomez apologizes After Fans Accuse her of Making Fun of Hailey Bieber

Selena Gomez is apologizing after commenters accused her of subtly shading her ex, Justin Bieber’s, spouse, Hailey Bieber. It all began after the Rare Beauty founder posted a silent skincare tutorial on TikTok.

Selena Gomez

Some followers drew the conclusion that as a result of Hailey commonly posts skincare movies on her TikTok, that Selena’s video was performed in an try to mock Hailey’s posts. Learn more


- Advertisment -

Latest Stories