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The BNM Quarterly Bulletin presents ... - Bank …

The BNM Quarterly Bulletin presents a Quarterly review of malaysia 's economic, monetary and financial developments. It includes the bank 's latest assessments on the direction of the economy going forward. The Bulletin also provides insights on current economic and financial issues, including highlights of policy initiatives undertaken by bank Negara malaysia in pursuit of its mandates. Contents P4 Key Highlights P7 International Economic Environment P9 Developments in the Malaysian Economy P19 Box Article 1: Affordable Housing: Challenges and the Way Forward P27 Monetary and Financial Developments P31 Box Article 2: Unorthodox Measures for Unconventional Times P37 Managing Risks to Financial Stability P45 The bank 's Policy Considerations P47 Macroeconomic Outlook Feature Article P51 Feature Article 1: Open Application Programming Interface (API): A Financial Revolution P59 Annex Key BNM.

The BNM Quarterly Bulletin presents a quarterly review of Malaysia’s economic, monetary and financial developments. It includes the Bank’s latest assessments

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1 The BNM Quarterly Bulletin presents a Quarterly review of malaysia 's economic, monetary and financial developments. It includes the bank 's latest assessments on the direction of the economy going forward. The Bulletin also provides insights on current economic and financial issues, including highlights of policy initiatives undertaken by bank Negara malaysia in pursuit of its mandates. Contents P4 Key Highlights P7 International Economic Environment P9 Developments in the Malaysian Economy P19 Box Article 1: Affordable Housing: Challenges and the Way Forward P27 Monetary and Financial Developments P31 Box Article 2: Unorthodox Measures for Unconventional Times P37 Managing Risks to Financial Stability P45 The bank 's Policy Considerations P47 Macroeconomic Outlook Feature Article P51 Feature Article 1: Open Application Programming Interface (API): A Financial Revolution P59 Annex Key BNM.

2 Highlights Quarterly on Bulletin . Economic and Financial Developments in 4Q 2017. Strong GDP growth of Continued expansion in domestic demand and across most economic sectors Real GDP Growth yoy, % qoq sa, % Private sector demand continued to be 8 4 the primary driver of growth 7 3. 6. 5 2. External demand provided further 4. 1 support to growth 3 2 0. 3Q 2017 4Q 2017 On the supply side, the manufacturing Annual Growth and services sectors remained the key Quarter-on-Quarter Growth, seasonally-adjusted drivers of growth Both headline and core inflation moderated in 4Q 2017. Core inflation moderated to in 4Q 2017 Lower percentage of items that registered above (3Q 2017: ) 2% inflation Headline and Core Inflation Inflation Pervasiveness yoy, % Percentage of items, %.

3 40. Inflation above 2%. 20 34 32. 0. 20. 40 Inflation at 2%. 60 and below 80. 3Q 2017 4Q 2017. 1Q 2017 2Q 2017 3Q 2017 4Q 2017. Above 2% Between 1 to 2%. Headline inflation Core inflation Between 0 to 1% Below 0%. Financial system soundness preserved Healthy asset quality observed in the banking Businesses and households continued to have system access to financing Banking System Asset Quality Banking System Loan Disbursement to Businesses and Households % %. 90 yoy, %. 10. 85 5. 80 0. 75 -5. 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q. 2016 2017 -10. 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q. Loan loss coverage ratio 2016 2017. Net impaired loans ratio (RHS).

4 Businesses Households Source: Department of Statistics, malaysia and bank Negara malaysia unless stated otherwise For more information, visit 4 FOURTH QUARTER 2017. Key Highlights on BNM. Quarterly Bulletin . Box and Feature Articles Affordable Housing: Challenges and the Way Forward Challenges in Affordable Housing Five Policy Solutions as Ways Forward Affordable housing provision is fragmented and uncoordinated Centralisation of Lack of an integrated housing database Affordable Housing and registry Initiatives ! Establishing an High construction costs as one of the Strengthening the 1 Integrated Housing barriers to supply Rental Market Database and an 5 2.

5 Efficient Applicant Registry 4 3. High household indebtedness coupled ! !! with house price growth exceeding household income growth Rehabilitating Reducing Rental market is currently still the Balance Sheet of Construction underdeveloped given the insufficient Households Costs legal safeguards Open Application Programming Interface (API): A Financial Revolution An Open API strategy is viewed as a key lever to increase efficiency, broaden access, promote greater innovation, and encourage competition in the financial sector Financial and payments-related Open Market competition APIs poised to grow exponentially Fintech & financial Security & privacy institution collaboration Reservations on Third party credibility Regulatory mandates Open API Threat of disintermediation Tech readiness/Prohibitive cost Moving Forward with Open APIs for 2018.

6 PRIORITY. Roadmap for Develop Mechanism to publication of Open API secure Identify & consult priority Open Establish Open standards Review consent and on priority use APIs API regulations/controls safeguard cases Implementation over confidential customer's data Group customer data Source: Department of Statistics, malaysia and bank Negara malaysia unless stated otherwise For more information, visit FOURTH QUARTER 2017 5. 6 FOURTH QUARTER 2017. International Economic Environment HIGHLIGHTS. The global economy continued to expand at a strong pace. Robust export growth due to broad-based improvements in global demand. High financial market volatility.

7 Eko Global growth expanded further Faster global economic expansion in 4Q 2017 pad In the fourth quarter of 2017, the global economy Chart 1: GDP Growth Raj continued to expand at a strong pace. Most major Annual change (%) Peru and emerging market economies registered growth 8 8. rates which are close to the performance seen in the 7 7. third quarter of 2017. 6 6. In the advanced economies, growth was 5 5. mainly driven by continued expansion in private 4 4. consumption and improvements in investment 3 3. activity. Household spending was supported by modest improvements in wage growth as labour 2 2. markets continued to tighten.

8 Of significance, 1 1. unemployment rates in the US and euro area 0 0. reached post-crisis lows in the fourth quarter. Euro area US. UK. PR China Philippines malaysia Indonesia Singapore C. Taipei Korea Resilient demand, coupled with firms' desire to expand production capacities amid a more positive business outlook, underpinned the strength in investment. In particular, capital spending on 3Q 17 4Q 17. machinery and equipment remained on an upward Source: National authorities Sumb trajectory. These developments contributed to improvements in global demand and trade activity. Growth in Asia continued to benefit from the expansion in global economic activity.

9 PR China recorded sustained growth as the improvements in exports complemented the expansion in domestic demand, offsetting some of the impact from ongoing economic reforms. In other Asian economies, robust exports coincided with continued growth in domestic economic activity. Policy support and higher infrastructure spending accompanied resilient expansions in domestic demand. FOURTH QUARTER 2017 7. BNM. Quarterly Bulletin . Robust export performance in 4Q 2017 ExportSektor growtheksport teguh pada remained S4 2017. robust Chart 2: Export Growth of Selected Economies Global trade continued Rajah to grow Export 2: Pertumbuhan at a robust pace, Negara Terpilih (in USD terms) driven by(dalam USD) improvements in global broad-based demand.

10 This translated into higher shipments of Annual change (%) Perubahan tahunan (%). manufactured, resource-based and commodity 30 products30from the region. 25 25. Shipments of technology-related products was 20. supported 20 by the demand for consumer electronic 15 products15 such as flagship smartphone models released in the second half of 2017. Sales of 10. consumer 10electronics and appliances also increased 5. in the US 5and some European countries leading up to the festive season. The uptrend in commodity 0 prices provided 0 further support to commodity malaysia Singapore Indonesia Thailand C. Taipei PR China Korea Hong Kong malaysia Singapura Indonesia Thailand C.


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