Bank Negara Malaysia Maintains OPR at 3% Amid Positive Economic Outlook
Bank Negara Malaysia's Monetary Policy Committee (MPC) has decided to maintain the Overnight Policy Rate (OPR) at 3%, citing a supportive domestic and global economic environment. Globally, resilient labor markets, moderating inflation, and less restrictive monetary policies are expected to sustain growth, with trade recovery bolstered by electrical and electronics (E&E) and non-E&E products. Malaysia's economy continues to perform well, driven by robust domestic spending, higher exports, and progress in public and private investment projects. Key drivers include the global tech upcycle, strong non-E&E exports, and increased tourism. Budget 2025 measures and structural reforms further strengthen the growth outlook, although risks remain from potential external demand slowdowns and geopolitical tensions. Headline and core inflation have been modest, averaging 1.8% year-to-date, and are projected to remain manageable in 2025 due to easing global cost pressures and stable domestic demand. However, inflation risks could rise depending on global commodity prices and domestic policy implementations. The ringgit's performance is influenced by external factors, but narrowing interest rate differentials and positive economic prospects are expected to support its stability. The MPC emphasized its commitment to ensuring monetary policy remains conducive to sustainable growth and price stability, with six meetings planned in 2025 to assess economic and inflation developments.
Date: Nov. 6, 2024
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Malaysia’s Largest Affordable Housing Project Launched in Penang
SkyWorld Development Bhd, in partnership with the Penang Development Corporation (PDC) and its subsidiary PDC Properties, has announced Rumah Bakat Baru Madani, Malaysia's largest affordable housing project. The initiative, situated in Penang, will provide over 35,000 homes for the B40 and M40 income groups. This ambitious project aligns with the federal government’s target under the 12th Malaysia Plan to deliver 500,000 affordable homes by 2025.
The joint development agreement was signed on December 10, 2024, with Prime Minister Datuk Seri Anwar Ibrahim, Housing and Local Government Minister Nga Kor Ming, and Penang Chief Minister Chow Kon Yeow present. Prime Minister Anwar, expressing personal interest in the project due to his ties to Penang, emphasized expediting its commencement, targeting a groundbreaking ceremony within 45 days.
Dec. 10, 2024
Tags: Penang
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Penang and Kuala Lumpur Among Asia’s Top Cities for Expats in 2024
A study by Preply has ranked Penang and Kuala Lumpur among the top cities in Asia for expatriates to live and work. Penang secured 4th place, while Kuala Lumpur ranked 6th, based on criteria like cost of living, safety, and ease of learning the local language. The study highlights Penang's strong appeal to expats for its affordability and cultural richness.
Globally, Kuala Lumpur was ranked 12th, dropping from its top spot in 2022, yet it remains a favored destination for expats, praised for its vibrant urban life and accessibility.
May 15, 2024
Tags: Kuala_Lumpur , Penang
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