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Malaysian central bank retains key policy rate

Xinhua, November 23, 2016 Adjust font size:

Malaysia's central bank on Wednesday retained a key policy rate following volatility of exchange rates and market in the wake of the U.S. presidential election.

The central bank said its monetary policy committee decided to maintain the Overnight Policy Rate (OPR) at three percent.

"At the current level of the OPR, the degree of monetary accommodativeness is consistent with the policy stance to ensure that the domestic economy continues on a steady growth path amid stable inflation, supported by continued healthy financial intermediation in the economy," the central bank said in a statement.

Malaysials's domestic economy continued to expand in the third quarter of the year, driven mainly by private sector activity with some support from net exports, and remains on track to expand as projected in 2016 and 2017, said the central bank.

Malaysia ringgit has experienced sharp drop along with most emerging market currencies since the victory of Donald Trump in the U.S. presidential election.

The central bank said it would continue to provide liquidity to ensure the orderly functioning of the domestic foreign exchange market. Endit