Bank Negara Malaysia (BNM) today reduced the Overnight Policy Rate (OPR) by 50 basis points (bps) to 2.00%.

“The ceiling and floor rates of the corridor of the OPR are correspondingly reduced to 2.25% and 1.75%, respectively,“ BNM said in a statement today.

The OPR has been reduced by a total of 100bps this year, complementing other monetary and financial measures by BNM as well as fiscal measures.

The central bank said widespread containment measures globally, international border closures and the consequent weak external demand environment will exert a larger drag on domestic economic activity.

It said the movement control order (MCO), while necessary to contain the spread of the virus, has also constrained production capacity and spending. Labour market conditions are also expected to weaken considerably. Economic conditions would be particularly challenging in the first half of the year.

The fiscal stimulus measures, alongside monetary and financial measures will, however, offer some support to the economy. With more businesses allowed to operate under the conditional MCO, economic activity is projected to gradually improve.

“The outlook for growth continues to be subject to a high degree of uncertainty, particularly with respect to developments surrounding the pandemic,“ BNM said.

Inflationary pressures are expected to be muted in 2020, with average headline inflation likely to be negative this year, due mainly to projections for substantially lower global oil prices.

“Nevertheless, the outlook remains significantly affected by global oil and commodity prices, as well as evolving demand conditions. Underlying inflation is expected to be subdued given the projections of weaker domestic growth prospects and labour market conditions.”

Meanwhile, BNM said Malaysian government securities and Malaysian government investment issues can be used by banking institutions to fully meet the Statutory Reserve Requirement (SRR) compliance effective May 16, 2020.

“This flexibility is available until May 31, 2021. This measure will release RM16 billion worth of liquidity into the banking system. The SRR ratio remains unchanged at 2.00%.”

This measure is part of BNM’s continuous efforts to ensure sufficient liquidity to support financial intermediation activity.

Source: TheSunDaily.my

An upcoming small landed residential development by Uniacres Development Sdn. Bhd. at Balik Pulau. This is also known as the second phase of Symphony Swiss housing scheme which was completed in 2012, surrounded by amenities such as school, wet market, banks and hospital. It is just a stone’s throw away from Balik Pulau town centre, about 20 minutes’ drive to Bayan Lepas.

This development will see an addition of 17 units 2-storey terrace houses with two different design types.

Project Name: (to be confirmed)
Location: Balik Pulau
Property Type : Terrace house
Land Area: (to be confirmed)
Built-up Area: (to be confirmed)
Total Units: 17
Tenure: Freehold
Indicative Price: (to be confirmed)
Developer: Uniacres Development Sdn. Bhd.

Location Map:

The demand for property in Penang remains robust despite the economic downturn brought on by the Covid-19 pandemic and the movement control order (MCO) enforced to curb its spread.

International Read Estate Federation (FIABCI) president Michael Geh Thuan Peng said he is still receiving enquiries about property under the Malaysia My Second Home (MM2H) programme.

He also noted that banks have yet to let up on processing applications for home loans.

Nonetheless, he said, property players should note that the MCO has been in place for only six weeks.

“The market can still take a nosedive,” he warned in an interview with theSun last week. Nonetheless, he added, it has the capacity to rebound with time.

Geh was responding to a statement by state executive councillor in charge of housing Jagdeep Singh Deo and Penang is already working on a range of incentives for the real estate sector.

Jagdeep had said earlier that one of the options is to lower property prices across the board to stimulate the market.

However, Pulau Tikus assemblyman Chris Lee Chun Kit stressed that the state’s ultimate priority should be to save jobs and if that means lowering property prices, it should be done.

Source: TheSunDaily.my

There are no more active Covid-19 cases recorded in Penang.

The last two cases were reportedly discharged as of 12 noon today, according to statistics from State Health Department.

This is the first time Penang recorded zero cases while at the same time having zero patients admitted for Covid-19.

Today marks the eight day that Penang had last recorded any new cases, since the last two cases recorded on April 26.

Previously, Penang fell short by just few days to be declared as green state with two cases being recorded at Mukim 16 of Seberang Perai Utara district.

Cumulatively, Penang reported a total of 121 cases with one casualty who died on March 22.

Penang will implement the Penang Gradual Recovery Strategy (PGRS) which will reopen the industry in stages from May 8 to May 13.

Source: NST Online

The movement control order (MCO) in Penang will remain intact tomorrow, with the conditional movement control order (CMCO) to be enforced from May 8 onwards, Penang Chief Minister Chow Kon Yeow announced today.

The Penang lawmaker said Penang will not enforce CMCO tomorrow as announced by the federal government, but will do it gradually.

“Only companies that are allowed to operate during the first, second and third phase of MCO are allowed to continue operations for the next four days from tomorrow,” he said in his Facebook live message today.

He said the state will only allow selected sectors to reopen starting May 8 under the CMCO, and finally other sectors on May 13.

“Therefore, the MCO is still strictly in force in Penang tomorrow,” he said.

Source: MalayMail.com