The Central Bank of Malaysia (BNM) called for an expedited structural reform process on March 20. Moderate inflation, export recovery, increased trade activity, and robust domestic spending, have moved long anticipated restructuring plans to the front of the financial institution's agenda. One major shift in fiscal strategy is transitioning away from “blanket subsidies” on oil and gas products, toward a more precise system that primarily aids low-income groups and specific product lines in agricultural goods, electricalcomponents, and other upstream materials.
BNM Governor Abdul Rasheed bank's 2023 economic and monetary review. Despite the value of the Malaysian Ringgit falling to a 26-year low last month and exports contracting by 8% last year, BNM forecasts that the country’s economic and financial sectors are on the upward trajectory. The report also projects that implementing new tax policies and changes to utility tariffs for imported services will be the tools that boost government revenue.
