BNM Favours Targeted Support Amid West Asia Conflict, Signals No Broad Stimulus Package, Says Governor
KUALA LUMPUR, March 31 (Bernama) -- Bank Negara Malaysia (BNM) today signalled no immediate need for a broad stimulus package amid the ongoing West Asia conflict, favouring a holistic and targeted approach as economic conditions remain resilient.
BNM Governor Datuk Seri Abdul Rasheed Ghaffour said the stimulus package cannot be on a broad and sector basis, but has to be holistic, looking at the overall picture and health of the economy.
He noted that Malaysia is entering the year from a position of strength following its recovery from multiple crises, particularly the COVID-19 pandemic.
“We must take note and acknowledge that we have come out from a few crises especially the COVID-19 pandemic. Post-pandemic, we have put in a lot of aid in place, from the government’s fiscal support to bank assistance, all with a targeted approach,” he told reporters after the release of BNM's flagship reports here today.
He said that extensive support measures implemented post-pandemic were largely targeted in nature and continue to remain in place.
“So these continue and banks are ready to help borrowers, corporates, and small and medium enterprises (SMEs). If they face any financial issues, (they can) approach the banks. They will be ready to help,” he said.
Abdul Rasheed said the government continues to gather feedback from various sectors through the National Economic Action Council (MTEN) meetings to enable the authorities to form a comprehensive view of economic conditions, identify segments most affected and channel assistance where it is most needed.
“It cannot be done on a broad or sector basis. We have to take a holistic view of the overall economy before deciding where to deploy our resources,” he said.
-- BERNAMA