突然！降息25个基点！

Core Viewpoint - Bank Negara Malaysia (BNM) has lowered the overnight policy rate (OPR) by 25 basis points to 2.75%, marking the first rate cut since 2020, in response to external uncertainties and to support economic growth amid a moderate inflation outlook [2][5][7] Summary by Sections Monetary Policy Decision - The decision to cut the OPR is a preventive measure aimed at maintaining Malaysia's robust growth path in light of a downward risk balance for growth prospects, primarily due to global trade slowdown and weak market sentiment [2][6] - This rate cut follows a 12-month tightening cycle that ended in May 2023, when the statutory reserve requirement was also reduced, injecting approximately 19 billion ringgit (4.5 billion USD) into the banking system [2][5] Economic Outlook - BNM expects inflation to remain moderate, with projections indicating it will be below 3% by 2025, compared to 1.8% in the previous year [2][6] - The central bank anticipates limited price pressures from global commodity prices and domestic reforms, which are expected to have a controlled overall impact on inflation [6][7] Currency Performance - The Malaysian ringgit has appreciated over 5% against the US dollar this year, driven by government encouragement for companies to repatriate overseas earnings [3][7] - Despite a solid domestic economic foundation, external uncertainties, particularly regarding tariffs on Malaysian exports to the US, may impact growth prospects [3][4][7] Future Expectations - Economists predict that BNM may implement further rate cuts in September or November, reflecting a continued dovish stance [3] - The central bank will closely monitor developments and assess the balance of risks to domestic growth and inflation [4][7]