MNI Preview: BNM On Hold As Easing Cycle Ends

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Summary Points 

• Growth in Malaysia remains underpinned by resilient domestic demand, strong employment and wage growth
• Exports rebounded strongly in the September data, and have been surprisingly resilient for much of 2025 supported by the electronics upcycle.
• Malaysia has seen moderating inflation for most of this year, causing the Central Bank to reduce inflation forecast ranges.  The CPI for September result of +1.5% is the first time CPI YoY has printed in line with the bottom end of the new range since the beginning of the year.