MNI BNM Preview - July 2025: On Hold But Only Just

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We see the BNM on hold in what is a very close call due to:

• The tariff situation remains unresolved, with US Secretary of State heading to Malaysia.
• Both exports and imports are volatile, but impacted by the tariff deadline.
• The Central Bank's GDP forecast remains robust.
• Inflation continues to moderate and will likely play a factor for the coming meetings.