KL consumer confidence 'holding up well': central bank
\nAgence France-Presse
\nKuala Lumpur<\/p>\n
Central bank governor Zeti Akhtar Aziz said consumer
\nconfidence in Malaysia is \"holding up well\" despite the September
\n11 terrorists attacks on the United States.<\/p>\n
\"The pattern of consumer spending has generally shown that it
\nis higher in the fourth quarter,\" she was quoted as saying by the
\nNew Sunday Times newspaper.<\/p>\n
Zeti said car sales and the housing market are still showing
\npositive trends.<\/p>\n
\"This is shown by the rising loan demand for the purchase of
\ncars and residential properties,\" she said.<\/p>\n
Zeti urged consumers not to overreact to the recent
\ndevelopments in the United States and become over cautious.<\/p>\n
\"Consumers should therefore, continue with their planned
\nexpenditures,\" she said, adding that it would provide further
\npositive support to the growth prospects of the economy.<\/p>\n
But businessmen are lamenting that consumers are not spending
\ndespite some religious celebrations round the corner. Many are
\nworried that they may not keep their jobs amid worsening world
\neconomy in particular the U.S.<\/p>\n
Prime Minister Mahathir Mohamad recently said the Malaysian
\neconomy was \"closely-pegged\" with that of the U.S. and the
\nterrorist attacks would divert attention away from trade to
\nsecurity matters.<\/p>\n
The U.S. accounts for about 19 percent of Malaysia's foreign
\ntrade, mainly in rubber products, textiles and clothing, optical
\nand scientific goods, electrical and electronics products and
\nwood products.<\/p>\n
In the first two months this year, Malaysia's exports to the
\nU.S. rose 13 percent year-on-year to 11.5 billion ringgit
\n(US$3.03 billion). Bilateral trade last year was estimated at 120
\nbillion ringgit.<\/p>\n
Zeti said the government since the 1997-98 financial crisis
\nhad intensified its efforts to diversify its exports to avoid
\nbeing vulnerable to external developments.<\/p>\n
Mahathir late September said the economy would grow by one to
\ntwo percent this year compared to an earlier projection of five
\nto six percent.<\/p>",
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