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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Sabah's Property Market Sees Significant Growth
Sabah's property market has experienced notable growth over the past three years, reflecting the state's robust real estate sector. As of November 30, 2024, the total transaction value for Memorandum of Transfer (MOT) activities, including property ownership transfers, reached RM5.17 billion. This represents a substantial increase compared to RM3.57 billion for the entire year of 2023 and RM4.1 billion in 2022. The 2022 spike was largely attributed to a post-COVID rush, with many delayed transactions being promptly processed by the land office.
The Sabah Lands and Surveys Department has been instrumental in facilitating this growth by implementing various initiatives to enhance service delivery. These include the introduction of online services, mobile counters, and the establishment of a Land Dealings Electronic Submission System (LADESS) to streamline processes and improve efficiency. Additionally, the department has focused on capacity building and training for its personnel to ensure the effective implementation of these initiatives, further contributing to the positive trajectory of Sabah's property market.
Dec. 7, 2024
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Sabah: New measures to help Bumiputra buyers
Starting December 1, 2024, Sabah became the first state in Malaysia to implement transformative amendments to the 30% Bumiputra (Bumi) housing quota policy, aiming to empower Bumi buyers and enhance market inclusivity. Under the revised policy, Bumi buyers now have the right to choose their preferred house lots instead of being allocated specific lots by developers. Restrictions on reselling Bumi-allocated homes have been removed, allowing buyers to sell their properties without limitations. Additionally, developers must extend any discounts offered to non-Bumi buyers—such as a 15% rebate—to include the existing 5% Bumi discount, ensuring equitable benefits. These changes align with the state government's efforts to reduce bureaucracy and improve the liquidity of the property market.
The policy also ensures parity in property value between Bumi and non-Bumi-owned properties, empowering Bumi buyers to maximize their investments. Industry leaders, such as Sabah Housing and Real Estate Developers Association (Shareda), view this as a historic move that increases flexibility and opportunities for Bumi buyers while boosting the state’s property market. The changes are expected to stimulate property transactions, attract local and foreign investments, and drive economic growth across sectors like tourism, hospitality, and retail. Simplified processes, such as applying directly to the Lands and Surveys Department for restriction removal, further enhance the ease of transactions for Bumi buyers. The policy retains protections for native land titles, ensuring legal rights remain preserved while fostering a more dynamic and inclusive housing market in Sabah.
Nov. 30, 2024
Tags: Sabah
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