BNM projects limited inflation impact from EPF Account 3 withdrawals, civil servant salary rise

Published on 17 May 2024 10:08:55 PM

The newly introduced withdrawals from the Employees Provident Fund's (EPF) Account 3 are expected to stimulate economic activity without significantly affecting inflation, said Bank Negara Malaysia (BNM) Governor Datuk Abdul Rasheed Ghaffour.

Speaking at a press conference on Friday (May 17) during the announcement of the first quarter 2024 gross domestic product figures, Abdul Rasheed indicated that the impact of the flexible account withdrawal, as well as a planned salary increase for civil servants would be minimal.

Rasheed further reported that headline inflation in the country is anticipated to remain moderate this year, ranging between 2.0 per cent and 3.5 per cent, reflecting stabilising demand and contained cost pressures.

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Keywords
bnm , bank negara , malaysia, abdul rasheed ghaffour, withdrawals, employees provident fund, epf, account 3, economy, news

Keywords:
bnm , bank negara , malaysia, abdul rasheed ghaffour, withdrawals, employees provident fund, epf, account 3, economy, news