KUALA LUMPUR, April 11 — Bank Negara Malaysia (BNM) will wait for the global situation on trade tariffs to settle before making policy recommendations or revising growth forecasts, its governor said yesterday.
With a tariff of 24 per cent on goods shipped to the United States, Malaysia was among several Southeast Asian nations facing hefty US levies before US President Donald Trump announced a 90-day pause on their implementation.
"Once we have greater clarity on the details of the tariffs announcement, that's when we are able to make more robust forecasts and assessments on the impact and potential growth of the economy this year," BNM Governor Datuk Seri Abdul Rasheed Ghaffour told a press conference after the 12th Asean Finance Ministers and Central Bank Governors’ Meeting (AFMGM) yesterday, here.
BNM has forecast economic growth in 2025 to expand between 4.5 per cent and 5.5 per cent, but is currently reviewing the estimate due to global uncertainties and market volatility.
Malaysia's economy grew 5.1 per cent in 2024, picking up from the 3.6 per cent growth in 2023, driven by strong domestic demand, record approved investments, and robust exports.
The Federal government has said it will not take retaliatory measures and would instead negotiate with the US for mutually beneficial solutions.
Abdul Rasheed said volatility in the ringgit would remain and Malaysia will continue to encourage inflows from its exporters to boost the currency.
The central bank will ensure the ringgit market remains orderly with no excessive volatility, Abdul Rasheed added.
