Malaysia's Central Bank Maintains Interest Rate Amid Uncertain Outlook

Malaysia's central bank, Bank Negara Malaysia (BNM), has decided to maintain its benchmark interest rate at 3.00% for the third consecutive meeting amid stable inflation and a steady growth outlook. However, growth outlook for 2024 remains uncertain due to weaker-than-expected external demand and declining commodity production. Meanwhile, Malaysia's former premier Mahathir Mohamad suggests pegging the country's ringgit to the US dollar as a way to alleviate price pressures.