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Malaysia Policy Rate 3.0% in Nov-23

• Bank Negara Malaysia maintained the OPR at 3.00%, in line with the economic consensus, reflecting a comprehensive assessment of both global and domestic economic factors.
• While the global economy shows expansion, it faces challenges from inflation, trade shifts, and geopolitical tensions. In contrast, Malaysia's outlook is positive, buoyed by domestic expenditure, tourism, and the E&E sector's potential rebound.
• The impending 2024 review of price controls and subsidies, coupled with global interest rate and geopolitical trends, will play pivotal roles in influencing Malaysia's interest rate decisions in the future.

Malaysia M3 Money Supply 2.9% y-o-y in Sep-23

- Malaysia's M3 money supply remained at a constant growth rate of 2.9% year-on-year in September 2023, indicating stability.
- However, this growth rate is 1.00 percentage points below the one-year average and 1.94 percentage points below the long-run average, suggesting a slight slowdown in the expansion of money in the economy.

Malaysia CPI Inflation 1.9% y-o-y (consensus 2.2%) in Sep-23

- Malaysia's CPI inflation rate in September 2023 slowed to 1.9% year-on-year, the lowest since March 2021, instead of rising to the consensus of 2.2%.
- This figure is 1.18 percentage points below the one-year average, signifying a significant easing from historical trends.

Malaysia PMI Manufacturing 46.8 in Sep-23

- Malaysia's PMI for manufacturing contracted to 46.8 in September 2023, marking its lowest level since January 2023 and indicating challenges in the sector.
- The decline in PMI, along with a deviation of 1.10 below the one-year average, highlights the weak performance of Malaysia's manufacturing sector in September 2023.