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Malaysia delivers back-to-back rate hikes to ward off inflation

Malaysia Inflation BNM

Shoppers at Petaling Street in Kuala Lumpur on Saturday. Malaysia's central bank raised its benchmark interest rate again on Wednesday to ward off inflation. (Bloomberg photo)

Malaysia’s central bank on Wednesday raised its benchmark interest rate for a second straight meeting in a bid to tame inflation and signaled more measures going forward will be gradual.

Bank Negara Malaysia (BNM) increased the overnight policy rate by 25 basis points to 2.25%, a move seen by 18 of the 19 economists surveyed by Bloomberg. One saw no change.

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