国行调降法定存款准备金(SRR)

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国行(BNM)今天在议息会议后公布,隔夜政策利率(OPR)维持不变,续企于3.25%,OPR自2014年7月10日被调升0.25%后,接下来的18个月皆没有变动。

另外,为了让银行有更有资金可调动,国行宣布把银行须存放在国行的法定存款准备金(SRR – Statutory Reserve Requirement),从原有的4%下调至3.5%。也就是说银行在每接收100令吉的存款,须以SRR形式存放在国行的数额,会从4令吉减至3.5令吉,以便舒缓银行资金流动性趋紧的情况。

这也是国行6年以来首次调低SRR,最后一次调低SRR是于2009年3月1日(全球金融危机时期),当时是把SRR从2%调降至1%。最后一次调升SRR则是在2011年7月16日,当时是把SRR从3%调高至4%。

srr hist


Monetary Policy Statement

At the Monetary Policy Committee (MPC) meeting today, Bank Negara Malaysia decided to maintain the Overnight Policy Rate (OPR) at 3.25 percent.

While the global economy continues to expand, the recovery in the advanced economies has not been as strong as earlier expected and the growth in the emerging economies has slowed. The current heightened financial market volatility and uncertainties also pose additional downside risks to global growth.

For Malaysia, growth remains driven by domestic demand. While private consumption has moderated as households adjust to the higher cost of living, household spending is being supported by continued growth in income and employment. Overall investment has benefited from the implementation of infrastructure development projects and capital spending in the manufacturing and services sectors despite the lower investment in the oil and gas sector.

Going forward, while recent trends suggest a turnaround in exports, the contribution of the external sector to overall growth is expected to be modest. In this challenging environment, the economy is expected to experience more moderate growth in 2016, after expanding by about 5 percent in 2015. Downside risks to growth have increased following greater uncertainty on both the global and domestic fronts. In confronting this more difficult environment, the Malaysian economy will benefit from having diversified sources of growth, economic flexibility, low unemployment, manageable level of external debt, and a well-capitalised banking system and developed capital markets that provide continued access to financing.

Headline inflation averaged 2.1% in 2015 and is expected to be higher in 2016, given recent adjustments in administrative prices and the weaker ringgit exchange rate. The impact of these domestic cost factors on overall inflation is, however, expected to be mitigated by the continued low energy and commodity prices and the generally subdued global inflation. In terms of trajectory, headline inflation is anticipated to peak in the first quarter of 2016 and to moderate thereafter.

Recent external and domestic developments have continued to affect the ringgit exchange rate and domestic financial markets. The net external outflows have also led to a moderation in domestic liquidity. Bank Negara Malaysia’s monetary operations have ensured that there is sufficient liquidity to support the orderly functioning of the money and foreign exchange markets. The financial system remains sound with financial institutions operating with ample liquidity buffers. Consequently, the growth of financing to the private sector continues to be healthy.

At the current level of the OPR, the stance of monetary policy remains accommodative and supportive of economic activity. The MPC recognises that there are heightened risks in the global economic and financial environment. These risks are being closely monitored to assess their implications on macroeconomic stability and the prospects of the Malaysian economy. This is to ensure that the monetary policy stance is consistent with the sustainability of the overall growth prospects.

Bank Negara Malaysia
21 January 2016


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