KL won't raise interest rates

KL won't raise interest rates

KUALA LUMPUR: Malaysia won't increase its domestic interest rates in the near term despite the move by the U.S. Federal Reserve Wednesday in raising key U.S. rates, the New Straits Times reports.

"I don't think Bank Negara Malaysia (the country's central bank) has any immediate plans to raise interest rates," the newspaper quoted Malaysia's Second Finance Minister Nor Mohamed Yakcop as saying late Friday.

Nor Mohamed said Malaysia will stick to its low interest rate policy for the time being.

Malaysia's central bank has repeatedly said it will maintain accommodative monetary policy to boost economic activity.--DJ