11/07/2024 11:16 AM

KUALA LUMPUR, July 11 (Bernama) -- Global real estate technology group Juwai IQI expects Bank Negara Malaysia (BNM) to keep the overnight policy rate (OPR) unchanged at three per cent in its monetary policy meeting later today to "avoid surprising the market".

“We expect the OPR to remain unchanged this month, and through the rest of the year and into 2025," co-founder and group chief executive officer Kashif Ansari said in a statement today.

Steady interest rates are a good sign for the economy; they suggest the economy is robust enough not to need the stimulus of lower rates, he said.

"At the same time, inflation (consumer price index at two per cent in May) is low enough not to require a rate increase," he said.

On the ringgit which is traded at about RM4.7 against the US dollar, Kashif said although it seems undervalued against the greenback, he believed Malaysia’s strong economy and financial position would be able to warrant a stronger ringgit.

Moving forward, he said Juwai IQI forecasts stable interest rates, a growing economy, and robust property transaction numbers in the remainder of 2024.

“We expect moderate home price growth to continue for the rest of 2024, which could be around the same three per cent home price growth we had in 2023. 

"That growth is supported by our forecast for rates to remain stable and for the economy to continue to grow on solid international and domestic consumer demand," he said.


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