DAVOS - Malaysia's economy is growing strongly thanks to the rise in commodity prices and central bankers"still have room" to tighten monetary policy to tackle accelerating inflation if needed, according to Finance Minister Zafrul Aziz.as the country dropped most virus restrictions. That allowed the central bank room to raise borrowing costs this month to pre-emptively fight inflation, even though consumer prices are gaining at the slowest rate in South-east Asia.
"We think we are on the right track," Datuk Seri Zafrul told Bloomberg Television's Haslinda Amin at the World Economic Forum in Davos, Switzerland. He said pegging the currency wasn't being considered and that he is"comfortable" with where the ringgit is now trading. That's buoyed optimism the country's recovery has reached firmer footing, with Bank Negara Malaysia estimating the economy to quicken anywhere between 5.3 per cent and 6.3 per cent in 2022 from a year ago.Malaysia, a net food importer, is taking steps to secure its supplies with food costs surging to all-time highs asConsumer prices rose by a modest 2.3 per cent in April, while the core measure that strips volatile food and energy costs gained 2.1 per cent.
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