Kashif Ansari, CEO and Co-Founder, along with Daniel Ho, Co-Founder & Managing Director of Juwai IQI, have contributed their insights to the news articles mentioned below.
Bank Negara Malaysia’s decision to keep the overnight policy rate (OPR) unchanged is expected to provide stability to the housing market.
This move indicates that consumers have become familiar with the existing interest rate and remain inclined to pursue mortgage borrowing.
Kashif Ansari, the co-founder and Group Chief Executive Officer of Juwai IQI, highlighted that household loans, encompassing various purposes including housing, experienced a notable 6% increase in January. This observation underscores consumers’ confidence in their financial stability and future prospects.
In his recent statement, he revealed the findings from their market survey suggesting a potential uptick of nearly 10% in residential prices and rents for 2024. He also emphasized that affordable homes priced up to RM500,000 remain the most in-demand category in the current year.
He observed that the choice to uphold the interest rate was a decision that could have swung either way in a challenging monetary climate.
He added that the decision to maintain the interest rate was crucial given the challenging monetary environment. Additionally, he commented that the Bank Negara Malaysia (BNM) chose to keep rates steady, to strike a balance between stimulating economic growth and reducing the chance of making inflation worse.
Kashif also stated that Juwai IQI anticipated BNM to retain the overnight policy rate at 3% until at least 2025. He stressed that BNM took early action on inflation by raising interest rates to keep inflation at its current level.
He expressed hope for Malaysia’s economy to recover this year, fueled by strong domestic and international demand. He anticipated that China’s economic growth, supported by government stimulus efforts, would lead to increased global demand for Malaysian exports.
The Monetary Policy Committee of BNM confirmed its decision to keep the Overnight Policy Rate (OPR) at 3%. It was emphasized by the committee that the current monetary policy is supportive of the economy and is in line with the current evaluation of inflation and growth prospects.
Want to know more about how Bank Negara’s unchanged OPR bring effects to housing market stability? Check it out from the articles below.
Learn more here: Sinar Daily, Malay Mail, Bernama, Bernama, BNN Breaking
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