Ministry of Finance Malaysia (MOF) had released its 52nd LAKSANA report last week.
BNM kept the Overnight Policy Rate (OPR) unchanged at 1.75%
Malaysia IPI surged higher, rising by 9.3% yoy in March 2021
The FBM KLCI fell by 0.89% or 14.20 points for the week to settle at 1,587.45 points
U.S. trade deficit rose by 5.6% mom in March to an all-time high of USD74.4bn
UK manufacturing PMI rose to a seasonally adjusted 60.9 in April, the fastest pace since July 1994 (61.0)
Indonesia GDP contracted by contracted 0.74% yoy in 1Q21
Central banks of England, Turkey, Poland, Norway, Australia and Thailand maintained the interest rates, while Brazil hikes.
MALAYSIA ECONOMY
According to the Ministry of Finance Malaysia (MOF) 52nd LAKSANA report, a total of RM19.6bn was disbursed under i-Lestari and RM55.9bn for i-Sinar as of 16th April. Under the Program Sustainability Achieved via Energy Efficiency (SAVE) 2.0, a total of RM9.319m has been claimed. As of 23rd April, 143,004 persons have participated in the skills enhancement program. The disbursed amount of wage subsidy 1.0 and 2.0 schemes stood at RM12.875bn and RM1.168bn, respectively.
Bank Negara Malaysia’s Monetary Policy Committee (MPC) kept the Overnight Policy Rate (OPR) unchanged at 1.75%, as expected, for a fifth straight meeting. In July last year, BNM reduced the OPR to 1.75%, a record low since the floor was set in 2004. It has since maintained the rate. It is still premature to cut interest rates at this juncture as the current OPR is adequate to support the ongoing economic recovery.
Growth in industrial production soared in March, the highest since July 2013. The IPI surged higher, rising by 9.3% yoy, after a 1.5% yoy rise in February 2021. The growth was the fourth straight month of expansion in industrial output, driven by strong output in both export and domestic-oriented industry in the manufacturing sector. The manufacturing sector output accelerated by 12.7% yoy in March, up from 4.5% expansion in February. The mining sector output dropped by 1.9% yoy in March as compared to -6.0% declined in February. The electricity sector output expanded by 10.3% in March 2021, after a contraction of 5.8% in the prior month.
On 5th May, the Malaysian Prime Minister has launched the RM3.5bn Jaringan Prihatin Programme which will benefit 8.4 million people. This financial assistance will enable the lower income group to have equal access to the internet. This programme is eligible for recipients of Bantuan Prihatin Rakyat (BPR). There will be two plans under the scheme which i) Monthly data plan subsidy; ii) Purchasing of mobile device subsidy.
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