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SIARAN AKHBAR
Ref. No.: 10/11/05 EMBARGO: Not for publication or
broadcast before 1700 hours on
Monday, 31 October 2011
MONETARY AND FINANCIAL DEVELOPMENTS
September 2011
Price Conditions: Headline inflation, as measured by the annual percentage
change in the Consumer Price Index (CPI), increased to 3.4% in September.
Higher inflation during the month was due mainly to the food and non-
alcoholic beverages category. The prices of vegetables and fish and seafood
increased following the expiration of the temporary festive season price
control scheme. Inflation in the transport category was lower during the
month, in the absence of further adjustments to the prices of RON95 petrol
and diesel in 2011. The increase in inflation was partly offset by declining
prices in the clothing and footwear and communication categories.
Monetary Conditions: Interbank rates were stable in September. In terms of
retail rates, the average base lending rate (BLR) of commercial banks
remained unchanged at 6.54% as at end of the month. Retail deposit rates
were also stable. The annual growth in broad money (M3) increased to 12.5%
in September and was supported by higher credit extended to the private
sector. Net financing to the private sector increased by RM10.8 billion in
September driven mainly by an increase in outstanding loans, as net private
debt securities (PDS) issuances moderated during the month. The banking
system loans outstanding expanded by 13.8% during the month, with higher
loans extended to businesses in the real estate; transport, storage and
communication; finance, insurance and business services and, wholesale and
retail, restaurants and hotels sectors. Loans to households also continued to
rise steadily, driven mainly by loans for the purchase of residential and non-
residential properties and personal use. Loan demand by businesses and
households moderated during the month.
Banking System: The banking system remained well-capitalised with the
risk-weighted capital ratio (RWCR) and core capital ratio (CCR) at 14.6% and
12.5% respectively. The level of net impaired loans remained stable at 2% of
net loans, while the loan loss coverage ratio was sustained at 95.9%.
Exchange Rates and International Reserves: In September, the ringgit
exhibited a mixed performance against the currencies of Malaysia’s major
trading partners. While the ringgit depreciated against the US dollar,
Japanese yen and Chinese renminbi, it appreciated against the Singapore
dollar and remained unchanged against the euro. The ringgit’s depreciation
against the US dollar was broadly in line with the regional trend, as mounting
concerns over the European sovereign debt crisis and the sustainability of
global economic recovery led to higher risk aversion and prompted some
investors to unwind holdings of emerging market assets. In October, the
ringgit posted a stronger performance against the US dollar as optimism over
possible progress towards resolving the European debt problems gradually
revived demand for emerging market assets. Against other currencies, the
ringgit appreciated against the Japanese yen and Chinese renmimbi, but
depreciated against the euro and Singapore dollar. The international reserves
of Bank Negara Malaysia stood at RM427.9 billion (equivalent to USD134.4
billion) as at 14 October 2011, sufficient to finance 10 months of retained
imports and is 4.6 times the short-term external debt.
Bank Negara Malaysia
31 October 2011
Diterbitkan oleh:
Jabatan Komunikasi Strategik, Tingkat 14, Blok B, Bangunan Bank Negara Malaysia,
Jalan Dato’ Onn, 50480 Kuala Lumpur, Malaysia.
Telefon: +60(3) 2698 8044 Faksimili: +60(3) 2693 6919
Web: www.bnm.gov.my
Inflation increased in September
Headline Inflation Headline Inflation: Component Contribution
YoY% % points
Headline CPI
20 1.6
Food and non-alcoholic August September
15 beverages 1.4
Transport
10 1.2
1.0
5
0.8
0
0.6
-5
0.4
-10
0.2
-15
0.0
Housing and
Restaurant
Others
alcoholic bev
Food, Non-
and Hotels
-20
Transport
Utilities
Dec 09
Dec 10
Mar 10
Jun 10
Mar 11
Jun 11
Sep 09
Sep 10
Sep 11
*Others include recreation services and culture; alcoholic
beverages and tobacco; education; health; furnishings;
household equipment and routine; communication
clothing and footwear, and miscellaneous goods and
services
Source: Department of Statistics Malaysia Source: Bank Negara Malaysia
Interest rates remained stable
Average Overnight Interbank Rate Average Interbank Rates
%
%
3.5 28 Oct: 2.99% 4.0
Ceiling rate of the 1-week
corridor for the OPR
3.0 1-Month
3.5
3-Month 3.27
2.5 3.06
3.0
3.01
2.0 2.5
Floor rate of the corridor
for the OPR
1.5 2.0
1.0 1.5
Apr 10
Oct 10
Apr 11
Oct 11
Dec 09
Aug 10
Dec 10
Aug 11
Jun 10
Jun 11
Mar 10
Feb 11
Sep 09
Sep 10
Sep 11
Dec 09
Dec 10
Jun 10
Jun 11
Mar 10
Mar 11
Source: Bank Negara Malaysia Source: Bank Negara Malaysia
1
Deposit Rates of Commercial Banks Lending Rates of Commercial Banks
% %
3.6 3M FD rate 7.3
3.2 3.00 Base Lending Rate
Savings Rate 6.8 Average Lending Rate
2.8 6.54
2.4 6.3
2.0
5.8
1.6
1.03
1.2 5.3 5.05
0.8
4.8
0.4
0.0
4.3
Sep 09
Jan 10
Sep 10
Jan 11
Sep 11
May 10
May 11
Sep 09
Sep 10
Sep 11
Jan 10
Jan 11
May 10
May 11
Source: Bank Negara Malaysia
Source: Bank Negara Malaysia
Liquidity in the banking system remained ample
Loan-Deposit Ratio and Outstanding Liquidity Placed
Financing-Deposit Ratio With Bank Negara Malaysia
% Loan-Deposit Ratio of % RM bil
Others
95 Banking System 91 400
Financing-Deposit Ratio (Incl. Repo
93 360
Investment in PDS) (RHS) 90
91 BNM Debt securities
320
89 89 Direct Borrowing and Wadiah
Acceptance
87 280
88
85 87.9
240
`
87
83
200
81 86
81.9
79 160
85
77 120
Jun 10
Jun 11
Mar 10
Mar 11
Sep 09
Dec 09
Sep 10
Dec 10
Sep 11
75 84
J an 10
May 10
J an 11
May 11
Sep 09
Sep 10
Sep 11
Source: Bank Negara Malaysia Source: Bank Negara Malaysia
2
Broad money growth increased
M1 and M3 Main Contributors of M3 Growth
Annual %
Grow th Other influences
25 Net foreign assets
(%)
19 Claims on private sector
20 Net claim on Govt
17 15
15 M1: 10
13.3%
13 5
M3:
11 12.5% 0
9 -5
7 -10
5 -15
Dec 09
Mar 10
Jun 10
Dec 10
Mar 11
Jun 11
Sep 09
Sep 10
Sep 11
Mar 10
Jun 10
Mar 11
Dec 09
Dec 10
Jun 11
Sep 09
Sep 10
Sep 11
Source: Bank Negara Malaysia Source: Bank Negara Malaysia
Financing activity remained strong in September
Net Financing and Loan Growth Loans Outstanding of the Banking System
YoY %
15 YoY % YoY%
To tal Net Financing 16 15
B usinesses
14 To tal Lo an Gro wth 13.8
14 Ho useho lds (RHS) 14.0
14
13 13.4
12
12 13
11 10 12.5
12
10 8
11
9 6
8 10
4
7 9
2
6
0 8
Nov 09
Jan 10
Mar 10
May 10
Jul 10
Nov 10
Jan 11
Mar 11
May 11
Jul 11
Sep 09
Sep 10
Sep 11
Nov 09
J an 10
Mar 10
May 10
Jul 10
Nov 10
J an 11
Mar 11
May 11
Jul 11
Sep 10
Sep 11
Sep 09
* Net financing comprises of banking system loans and private
debt securities (PDS) outstanding (excluding non-residents and
Cagamas)
Source: Bank Negara Malaysia Source: Bank Negara Malaysia
3
Gross Private Sector Financing Loan Disbursements by the Banking System
RM bil Equity RM bil
90 Gro ss P DS* 80 B usinesses
Lo an disbursements Ho useho lds
80 70
70 60
50
60
40
50
30
40
20
30 10
20 0
Mar 10
May 10
Jul 10
Mar 11
May 11
Jul 11
Jan 10
Mar 10
May 10
Jul 10
Jan 11
Mar 11
May 11
Nov 09
Jan 10
Nov 10
Jan 11
Nov 09
Nov 10
Jul 11
Sep 09
Sep 10
Sep 11
Sep 09
Sep 10
Sep 11
* Excludes foreign issuances
Source: Bank Negara Malaysia Source: Bank Negara Malaysia
Loan Applications with the Banking System Loan Approvals by the Banking System
RM bil RM bil
80 45
B usinesses B usinesses
70 Ho useho lds
40 Ho useho lds
60 35
30
50
25
40
20
30
15
20
10
10 5
0 0
Jan 10
Mar 10
May 10
Jul 10
Jan 11
Mar 11
May 11
Nov 09
Nov 10
Jul 11
Sep 09
Sep 10
Sep 11
Nov 09
Jan 10
Mar 10
May 10
Jul 10
Nov 10
Jan 11
Mar 11
May 11
Jul 11
Sep 09
Sep 10
Sep 11
Source: Bank Negara Malaysia Source: Bank Negara Malaysia
4
Banking system capitalisation remained strong with stable loan quality
Capital Strength Net Impaired Loans Ratio and Loan Loss Coverage
% %
%
4 110
16
15 14.6
95.9 100
3
14
90
13
12.5
12 2 80
2.0
11
70
10 1 Net Impaired Loans Ratio
RWCR 1
60
9 Core Capital Ratio Loan Loss Coverage
(RHS)
8 0 50
Nov 09
Jan 10
Mar 10
May 10
Jul 10
Nov 10
Jan 11
Mar 11
May 11
Jul 11
Nov 09
Jan 10
Mar 10
May 10
Jul 10
Mar 11
May 11
Nov 10
Jan 11
Jul 11
Sep 09
Sep 10
Sep 11
Sept 09
Sept 10
Sept 11
* Beginning January 2010, loans are reported based on
FRS139. The adoption of FRS139 requirement is based on
the financial year of the banks.
1
Refers to ratio of general provisions/collective impairment
provisions to total net loans.
Source: Bank Negara Malaysia Source: Bank Negara Malaysia
Mixed performance of the ringgit against major trading partners
Index of Ringgit Performance
Net International Reserves
against Major Trade Partners*
USD bil Months /
Index (Dec 08 = 100)
Net intl reserves (LHS) Times
112 150
Ret ained import cover
14
110 140 Reserves/ST ext debt
108 130 12
14 Oct:
USD134.4bn
106 120 10
104 110
10 m onths 8
102 100
6
100 90
4
98 MYR appreciation 80
4.6 tim es
96 70 2
Jul 09
Oct 09
Jan 10
Jul 10
Oct 10
Jan 11
Jul 11
14 Oct
Apr 10
Apr 11
Apr 09
Oct 09
Apr 10
Apr 11
Oct 10
Oct 11
Dec 08
Aug 09
Dec 09
Aug 10
Dec 10
Aug 11
Jun 09
Jun 10
Jun 11
Mar 09
Feb 10
Feb 11
Source: Bank Negara Malaysia
* Currencies in the index: USD, CNY, SGD, JPY, EUR
Each currency carries equal weight
Source: Bank Negara Malaysia Source: Bank Negara Malaysia
5
Key Monetary and Financial Statistics
Jul 11 Aug 11 Sep 11
O/stg Ann. growth O/stg Ann. growth O/stg Ann. growth
(RM bil) (%) (RM bil) (%) (RM bil) (%)
Monetary Aggregates
Reserve money 87.9 56.8 95.3 58.1 88.1 53.0
M1 235.5 14.5 243.9 13.7 241.9 13.3
M2 1,127.9 11.6 1,133.6 10.8 1,163.1 13.0
M3 1,156.4 11.6 1,160.5 10.6 1,187.8 12.5
Banking System
Net financing1 1,263.8 12.6 1,282.1 13.4 1,292.9 13.4
Loan-deposit ratio (%) 2 82.2 82.9 81.9
Financing-deposit ratio (%) 2&3 88.3 89.2 87.9
Loans applied (during the period) 65.3 8.5 60.8 -2.9 56.8 6.1
Loans approved (during the period) 32.3 5.1 34.6 10.0 31.4 8.0
Loans disbursed (during the period) 64.0 7.5 69.7 23.0 68.3 14.1
Loans repaid (during the period) 63.6 11.8 61.9 17.3 62.6 12.9
Banking System Health
Risk-weighted Capital Ratio (RWCR) (%) 14.5 14.8 14.6
Net Impaired Loans Ratio (%) 2.0 2.0 2.0
BNM International Reserves (end-period)
Net Reserves in RM billion 409.5 412.1 417.1
Net Reserves in USD billion (equivalent) 135.4 136.3 131.0
Months of retained imports 9.6 9.6 9.7
Interest Rates at end-period [average for the month]
Overnight Policy Rate (OPR) 3.00 3.00 3.00
Interbank: Overnight 2.98 [2.93] 2.99 [2.97] 2.99 [2.98]
1-week 3.01 [3.01] 3.01 [3.01] 3.02 [3.01]
1-month 3.05 [3.05] 3.05 [3.05] 3.09 [3.06]
Fixed deposits of commercial banks: 1-month 2.95 2.96 2.95
3-month 3.00 3.01 3.00
BLR of commercial banks 6.54 6.54 6.54
ALR of commercial banks 5.03 5.05 5.05
Prices
Consumer Price Index (CPI) (2010=100) 103.4 3.4 103.6 3.3 103.8 3.4
1 Comprises of banking system loans outstanding and private debt securities (PDS) outstanding (excludes non-resident and Cagamas)
2 Excludes transactions by financial institutions.
3 Refers to the ratio of loans and holdings of PDS by the banking system to deposits of the banking system.
Source: Bank Negara Malaysia and Department of Statistics Malaysia
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