Latest news with #BankNegaraMalaysia
BusinessToday
3 hours ago
- Business
- BusinessToday
OCBC Lowers Malaysia's 2025 Inflation Forecast To 1.5%
Malaysia's headline inflation continued its downward trend, easing to 1.1% year-on-year (YoY) in June, a dip from 1.2% in May. This figure came in softer than market consensus and OCBC Bank's own projection of 1.2%. Core inflation, however, remained stable at 1.8% YoY. According to OCBC Bank Malaysia's Senior ASEAN Economist, Lavanya Venkateswaran, the primary drivers behind the subdued June inflation print were a deceleration in the transportation subcomponent (0.3% YoY from 0.7% in May), along with ongoing deflation in communication services (-5.4% YoY from -5.2%) and a moderation in furnishing prices (0.1% from 0.2%). Inflation in key categories such as food (2.1%), utilities (1.7%), education services (2.2%), and insurance (1.5%) remained unchanged from May. In light of these developments, OCBC has revised its 2025 headline Consumer Price Index (CPI) forecast downwards to 1.5% from a previous estimate of 2.0%. This adjustment is largely influenced by the lower-than-expected inflation rate of 1.4% in the first half of 2025 and 'reduced prospects of RON95 rationalisation,' as the government appears to require a more detailed review of the subsidy mechanism. OCBC had previously factored in a 20-25% increase in RON95 prices from October 2025, an expectation that now seems less likely in the immediate future. Given the view that Malaysia's Gross Domestic Product (GDP) growth is expected to slow in the second half of 2025 to 3.5% YoY from 4.4% in the first half of 2024, coupled with persistently low inflation, OCBC sees room for further monetary policy easing. 'We have pencilled in another 25 basis points rate cut from Bank Negara Malaysia (BNM) for the remainder of the year,' stated Venkateswaran. Bank Negara Malaysia's Monetary Policy Committee (MPC) last met on July 9, 2025, where it decided to cut the Overnight Policy Rate (OPR) by 25 basis points to 2.75%. The next MPC meetings are scheduled for September 4, 2025, and November 6, 2025, providing potential windows for further policy adjustments. Related
New Straits Times
11 hours ago
- Business
- New Straits Times
Bank Negara's international reserves rise to US$120.9bil
KUALA LUMPUR: The international reserves of Bank Negara Malaysia (BNM) rose to US$120.9 billion as of July 15, 2025, up from US$120.6 billion recorded on June 30, 2025. In a statement today, the central bank said the reserves position is sufficient to finance 4.8 months of imports of goods and services, and is 0.9 times the total short-term external debt. The main components of the reserves were foreign currency reserves (US$107.3 billion), the International Monetary Fund reserves position (US$1.3 billion), special drawing rights (SDRs) (US$5.9 billion), gold (US$4.1 billion) and other reserve assets (US$2.3 billion). Total assets amounted to RM613.13 billion, comprising gold and foreign exchange and other reserves, including SDRs (RM511.37 billion), Malaysian government papers (RM13.62 billion), deposits with financial institutions (RM6.25 million), loans and advances (RM27.31 billion), land and buildings (RM4.58 billion), and other assets (RM50 billion). BNM said total capital and liabilities amounted to RM613.13 billion, comprising paid-up capital (RM100 million), reserves (RM189.98 billion), currency in circulation (RM172.10 billion), deposits by financial institutions (RM125.16 billion), federal government deposits (RM9.90 billion), other deposits (RM75.19 billion), Bank Negara papers (RM10.08 billion), allocation of SDRs (RM27.78 billion), and other liabilities (RM2.84 billion).
The Sun
18 hours ago
- Business
- The Sun
‘Economic growth hits 4.5% due to reforms'
PUTRAJAYA: Malaysia's economy is projected to expand by 4.5% in the second quarter of 2025, slightly up from 4.4% in the previous quarter, surpassing market forecasts and reinforcing its status as one of the region's fastest-growing economies. According to the Statistics Department, the better-than-expected performance is driven by resilient domestic demand and rising investor confidence. Housing and Local Government Minister Nga Kor Ming said the robust growth is a clear reflection of the Madani government's reform agenda in revitalising the economy and uplifting the people's well-being. 'The growth is a clear sign that our economic policies and people-first programmes are starting to show meaningful results. 'Even in the face of global challenges, our domestic economy remains strong, with consumer and investor confidence holding steady.' Nga highlighted the construction sector as a standout performer, projected to expand by 11%, fuelled by ongoing housing and commercial development. The services sector is expected to grow 5.3%, up from 5%, while the manufacturing sector is forecast to rise by 3.8%. Nga said the sustained economic momentum is being supported by key government initiatives such as the basic Rahmah contribution, Rahmah cash contribution, Rahmah aid and the increase in national minimum wage – all of which have boosted household incomes and strengthened domestic spending power. However, he cautioned that Malaysia must remain vigilant amid external uncertainties such as global trade tensions and tariff wars, adding that the government will continue to prioritise inclusive, broad-based growth. He also welcomed Bank Negara Malaysia's move to lower the Overnight Policy Rate (OPR) to 2.75%, describing it as a timely step to bolster economic activity, particularly in the property sector.
![[UPDATED]: MACC questions 27 witnesses in scrap metal, e-waste smuggling probe](/_next/image?url=https%3A%2F%2Fassets.nst.com.my%2Fimages%2Farticles%2FMACC-PERSON_290824n01_1753104756.jpg&w=3840&q=100)
New Straits Times
a day ago
- Business
- New Straits Times
[UPDATED]: MACC questions 27 witnesses in scrap metal, e-waste smuggling probe
KUALA LUMPUR: The Malaysian Anti-Corruption Commission (MACC) has questioned 27 witnesses in connection with its operation against a syndicate involved in the smuggling of scrap metal and e-waste across five states. The syndicate is believed to have bribed enforcement officers, resulting in a loss of export tax revenue estimated at more than RM950 million. According to a source, one of the suspects believed to be involved in the activities was also questioned today. "However, no arrests have been made so far. "To date, the MACC has frozen a total of 324 bank accounts, 142 belonging to companies and 182 to individuals, involving nearly RM150 million, with seized assets amounting to approximately RM183 million. "In total, the value of seized and frozen assets now stands at more than RM332 million," the source said. Meanwhile, MACC Special Operations Division senior director, Datuk Mohamad Zamri Zainul Abidin, when contacted, confirmed the information and said that the MACC is still in the process of identifying suspects linked to the syndicate, which has caused the government to suffer export tax losses of more than RM950 million over the past six years. He added that the MACC is currently scrutinising the financial sources of the suspects and the companies under investigation in collaboration with agencies such as the Inland Revenue Board (LHDN), Royal Malaysian Customs Department (JKDM), and Bank Negara Malaysia (BNM). "In addition to investigations under Sections 16 and 18 of the MACC Act 2009, as well as offences related to money laundering, probes are also being conducted under the Income Tax Act 1967 and the Customs Act 1967 by the relevant agencies involved in this operation," he said. It was reported that three bungalows, a penthouse, shop lots, land, oil palm plantations, luxury cars, and luxury watches are among the assets seized, estimated to be worth more than RM183 million, following a raid on a scrap metal smuggling syndicate across five states that began yesterday. According to sources, the raids under Op Metal were carried out by the Special Operations Division of the MACC in collaboration with the Customs Department, Inland Revenue Board, and Bank Negara Malaysia. The operation also saw the freezing of 45 company accounts and 82 individual bank accounts involving a total value of about RM51 million. The source added that during the raid, the MACC also seized five luxury watches, namely Patek Philippe, Tag Heuer, Rolex, Omega Speedmaster and Omega Seamaster, estimated to be worth more than RM740,000. The MACC also conducted searches at 13 new locations in Penang, Kedah, Johor and around the Klang Valley on July 15.
Borneo Post
a day ago
- Borneo Post
Elderly man in Sibu loses RM800,000 to fake online investment scheme
Photo for illustration purposes only. — Photo from Pixabay SIBU (July 21): A former trader in his 70s lost nearly RM800,000 to a non-existent stock investment scheme after ignoring warnings from his family, according to Sarawak Police Commissioner Datuk Mancha Ata. Mancha said the incident began in mid-June when the victim came across an online investment offer for 'GVD Coins' while browsing Facebook. 'The victim, who was enticed by the scheme, asked his family members to prepare a certain amount of money for the investment. 'His family members advised the victim not to easily trust in investments offered online but he ignored their advice. 'In this case, the victim carried out several monetary transactions in stages into the bank account provided by the suspect amounting to about RM800,000,' he said in a statement. Realising he had been scammed after failing to receive any returns, the victim lodged a police report. Mancha cautioned the public against falling for online investment schemes that promise high returns in a short time, stressing that these are often too good to be true. 'The people are also encouraged to check the list of approved investment companies or websites at the Bank Negara Malaysia (BNM) website or BNM Telelink 1-300-88-5465 or for the Securities Commission. 'Individuals who suspect they have fallen victim to cybercrime including phone scams, love scams, e-commerce fraud, or bogus loans should immediately contact the National Scam Response Center (NSRC) at 997 if they have just completed a fund transfer to the scammer's account or e-wallet,' he said. The police also recommended additional tools and platforms, such as the Whoscall mobile application, Investment Checker via or Check Scammers CCID app or the website for verifying suspect phone numbers or bank accounts. crime elderly investment scam Mancha Ata
