The USD/MYR currency pair plummeted to a fresh six-week low of 4.4440 on Wednesday, after the Central Bank of Malaysia left borrowing costs without change for a tenth straight policy meeting in January, in line with market consensus.
The Central Bank of Malaysia maintained its benchmark interest rate at 3%, as policy makers remained supportive of economic growth and consistent with the current inflation prospect evaluation.
Malaysia’s economic activity this year is forecast to remain resilient, supported by robust domestic expenditure.
In the meantime, headline and core inflation averaged 1.8% in 2024 and will likely remain under control this year due to the lack of significant domestic demand pressures.
The USD/MYR currency pair was last losing 0.65% on the day to trade at 4.4440. It has also been its lowest level since December 13th.
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