“Ultimately, the aim of the recent stimulus package is to mitigate the impact of Covid-19 and avert largescale and lasting impact on people, businesses and the economy,” she said in the central bank’s first virtual press conference in conjunction with the release of its 2019 annual report last Friday, noting that more measures will be taken, where necessary.
(Apr 9): Malaysia still has a fighting chance of escaping a recession this year, according to Bank Negara Malaysia’s 2020 GDP growth projection range of –2% to 0.5% versus 4.3% recorded in 2019.
Governor Nor Shamsiah Mohd Yunus says the central bank will use its “policy arsenal flexibly” alongside accommodative monetary policy to complement the government’s fiscal policies to cushion the adverse effects of the Covid-19 pandemic — as demonstrated in the recent RM250 billion ($82.2 billion) economic stimulus package where excess buffers in the banking system are being utilised to support lending and extend cash flow.
