Bank Negara Malaysia (BNM) has stressed the importance of recalibrating the monetary policy to avoid the need to be aggressive in raising interest rates, said Tan Sri Nor Shamsiah Mohd Yunus.

The BNM governor said that after announcing Malaysia's gross domestic product (GDP) for the first quarter of 2022 on Friday (May 13), added that BNM also recognised that some households would require assistance and targeted assistance are still being afforded through multiple bank channels.

To a question on the interest rate potentially at 3.00 per cent by end-2023, Nor Shamsiah said BNM is currently removing excess monetary accommodation.

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