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BANK Negara Malaysia
does not expect to see an increase in personal financing with the
implementation of the Goods and Services Tax (GST) next year.Governor Tan Sri
Dr Zeti Akhtar Aziz said prior to the rolling out of such measures, the segment
was growing above 20% during the 2010 to 2012 period, and moderated rapidly to
5% in the second quarter of this year. The segment, which was a matter of much
concern between 2010 and 2012 as it was growing at an above 20 per cent
momentum, had moderated to 4.2 per cent in the third quarter as a result of
greater financial literacy and macro-prudential measures.
Bank Negara Malaysia (BNM) is satisfied with the downtrend in
personal financing segment, which is now moderating at 4.2% in the third
quarter of this year as a result of its macro-prudential measures. “Personal financing
moderated at 4.2 per cent for the third quarter ended September 30 2014 from
five per cent in the previous quarter,” she said at a media briefing on
Malaysia’s third-quarter gross domestic product (GDP) performance, here,
yesterday.
“This shows the effects
of macro-prudential measures not only in the banking sector but also in the non-banking
sectors, such as shadow banking, cooperatives and other credit agencies.”
The central bank expects
personal financing to grow at the same moderate pace until the end of the year
and throughout the GST implementation.
“We expect it to
continue to stabilise and not increase with the GST as consumers from the lower
income group are being supported by income transfers to help them meet their
living expenditures,”Zeti said, referring to the 1Malaysia People’s Aid (BR1M)
programme.
According to a Bank Negara
report yesterday, the bankruptcy level in Malaysia had also moderated to 5.5
per cent in the third quarter.
On the decline in
savings among businesses and individuals, Zeti said it was not at worrying
levels as investment activities were strong.
She said the decline
translated into narrowing surplus in the balance of payments, which accounted
for three per cent of gross national income.
“Yes, we are seeing some
moderation in savings activity but this has not put a limit on access to
funding.
“This is proven by
investments that have continued to grow significantly,” she added.
On fiscal debts, Zeti
said Bank Negara was well aware of the need to remain prudent in managing the
increase in national debt and its contingent liabilities. “The government is
looking at measures to lower the debt and this is proven with the declining of
its debt ratio to the GDP from 55 to 52.8 per cent. We are also pleased that
the deficit trend is declining as well, demonstrating the government’s
commitment to deal with the issue,” Zeti added.
"Furthermore, we have an extensive education on financial
literacy to inform consumers on being prudent and not go into indebtedness
unnecessarily," she told a media briefing on Malaysia's third quarter
gross domestic product (GDP) performance on Friday. She also highlighted that
non-performing loans were low at 1.2%.
Meanwhile, Zeti noted
that there would be a hike in inflation next year due to cost adjustment,
however, Malaysia's growth would still be underpinned by domestic demand. Inflation
is expected to be at its long-term average of 3% by 2016.
Domestic demand, on the
other hand, would be supported by the country's stable labour market conditions,
which is now experiencing low unemployment rate of 2.7%, and continued wage
growth. For the third quarter, Malaysia's economy expanded by 5.6%, higher than
the 5% achieved in the same quarter last year but lower than the 6.5% recorded
in the second quarter of 2014. For the whole of 2014, the central bank expects
GDP growth to be between 5.5% and 6%, while for next year, the economy is
expected to grow between 5% and 6%.
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