Central Bank of Malaysia opts to leave overnight interest rate at 2%

By Richard Connell

New York, May 26 - The Monetary Policy Council of the Central Bank of Malaysia maintained its Overnight Policy Rate at 2% at its meeting on Tuesday, according to a press release issued by the bank.

The council examined the marked contraction in the Malaysian economy in the first quarter of 2009, as reduced external demand has led to lower exports and industrial production.

The council foresees the contraction continuing into the second quarter.

However, the council noted the more modest pace of decline and some stabilization in the global environment and looks for a resumption of economic growth in the last half of 2009.

Stating that previous monetary policy initiatives have provided access to financing and liquidity, the council left the interest rate at 2%.

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