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PETALING JAYA: Bank Negara’s growth forecast for 2021, which was reaffirmed recently despite the introduction of stricter movement restrictions, remains achievable although economists largely predict an expansion closer to the lower-end of the central bank’s 6% to 7.5% forecast. Judging from the impact caused by the second round of movement control order (MCO 2.0) that began on Jan 13 and lasted for over seven weeks, some experts think the MCO 3.0 would also have a moderate impact on the pace of economic recovery. The Malaysian economy only contracted marginally by 0.5% year-on-year in the first quarter of 2021 (Q1). This was the smallest contraction since the pandemic struck. ....
KUALA LUMPUR/JAKARTA • Muslims in Indonesia and Malaysia celebrated a muted Hari Raya Aidilfitri for the second year yesterday, under the cloud of resurgent Covid-19 infections. The governments of the two Muslim-majority nations have banned people from returning to their rural home towns and barred mass gatherings in homes. Hari Raya Aidilfitri typically starts with a prayer service in the morning. Most mosques are open in the two countries this year, but with strict limits of just several dozen people inside, because of the need for physical distancing. In Indonesia, the government shut mosques in high-risk areas for Idul Fitri, as Indonesians call the festival at the end of the fasting month. ....
People wearing protective masks shop for new clothes ahead of the Eid al-Fitr festival, marking the end of holy fasting month of Ramadan, at Tanah Abang textile market in Jakarta, Indonesia, Tuesday, May 11, 2021. Muslims in Indonesia will be celebrating Aidilfitri this Thursday (May 14). - Reuters Malaysia: First batch of Sinovac vaccines prepared in Malaysia ready to roll out Moody s: Malaysia’s nationwide lockdown may undo recent economic progress Bank Negara: Malaysia on track for 6% to 7.5% GDP growth Bank Negara: Ringgit remains exposed to heightened volatility Economy shows recovery as 1Q GDP shrank slightly at 0.5% Covid-19: Infectivity rate in eight states above national average of 1.13, says Health DG ....
THERE is likely to be an increase in the sale of non-performing loans (NPLs) by Malaysian banks as some lenders look to clean up their Covid-19-impacted loan books more quickly, experts say. “We expect Malaysian banks to look at NPL sales more actively, especially for corporate credit,” says Nancy Duan, a credit analyst at S&P Global Ratings. CIMB Group Holdings Bhd, the country’s second-largest banking group, may have started the ball rolling. It sold a “small” portion of NPLs last year to a third party, according to an industry source. The actual amount of NPLs sold is not clear, although news reports last week cited a figure of around RM360 million. ....
Inflation report on deck THIS week’s economic calendar includes key readings on the consumer price index (CPI), leading economic index and foreign reserves. The Statistics Department is announcing inflation data for March 2021 on Friday while Bank Negara is expected to announce international reserves as at April 15 on Thursday. Economists expect inflation to grow faster in March but do not see inflation becoming a threat anytime soon. According to Bloomberg estimates, inflation in March is expected to grow 1.6% year-on-year from 0.1% in February. The CPI increased 0.1% in February 2021 to 122.5 as against 122.4 in the same month of the preceding year. For the period January to February, the CPI decreased 0.1% as compared to the same period last year. ....