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Zeti: Interest rates still appropriate [21-06-2012]  
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Malaysia's interest rates at 3% currently are still “appropriate”, with the domestic market remaining strong, unless any significant development surfaces, Bank Negara governor Tan Sri Dr Zeti Akhtar Aziz said.

“Right now our domestic growth is still strong and our inflation is still moderating.

“We will monitor the situation very closely.

“At this point in time, unless there are any significant development, in our assessment they are (interest rates) at appropriate level,” she told reporters at INCEIF, The Global University of Islamic Finance campus opening ceremony.

Bank Negara's INCEIF, established in 2005, has 2,221 students from some 80 countries as of this month.

Asked whether the outcome of Greece's elections and G-20 meeting would affect Asia's growth, especially Malaysia, Zeti said: “Conditions are still unfolding and we do not have clarity at this point of time what the outcome will be”.

She said Bank Negara would monitor very closely the debt crisis development in the euro zone.

The next monetary policy committee meeting is scheduled to be held on July 5.

On a recent news report on the RM60bil sale of non-performing loans (NPLs) to foreign parties by Malaysian banks, Zeti said that for the past two to three years, about RM2.5bil NPLs were disposed off to majority-owned domestic entities and not to foreigners.

“We have the appropriate guidelines in place that allow commercial banks to sell NPLs and these guidelines have been fully complied with,” she added.

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