As part of our statutory obligations for the year ending 31 December 2024, we have published three reports. The Annual Report details our roles and functions, and how we discharge them. The Economic & Monetary Review details our economic assessment and outlook. The biannual Financial Stability Review details our views on the risks to financial stability.
An executive summary of the three reports is provided in our press statement.
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The Malaysian economy registered commendable growth in 2024, along with moderate inflation. This was achieved despite significant challenges and opportunities, and continued episodes of heightened global financial market volatility throughout the year. These were influenced by shifting expectations on movements in global interest rates, lingering concerns over inflationary pressures and intensification of geopolitical tensions.
BNM supports its day-to-day operations from income generated from the investments of the country’s international reserves and other general operations of BNM. In doing so, we are committed to being responsible, prudent and disciplined in managing our finances to ensure that we have sufficient financial resources to discharge our mandates effectively.
The Malaysian economy surpassed initial projections and demonstrated marked resilience amid global uncertainties in 2024. Growth was higher at 5.1% compared with 3.6% in 2023. This outperformance was due in large part to the highest investment growth we have seen in a decade, in addition to better exports and continued expansion in household spending. In the foreign exchange (FX) market, while external developments caused volatility earlier in the year, the ringgit rebounded following strong domestic economic performance and monetary policy easing by the US Federal Reserve.
Global financial markets experienced heightened volatility towards the end of 2024, which is expected to continue in 2025. This was driven by ongoing uncertainties surrounding global monetary and trade policies as well as geopolitical developments. Domestic market stress continued to reflect these external developments, with the Financial Market Stress Index (FMSI) remaining at elevated levels compared to the first half of 2024. Notwithstanding this, domestic financial conditions remained orderly, with effective intermediation of two-way flows in the bond and equity markets.
Annual Report 2024
Economic and Monetary Review 2024
Financial Stability Review 2H 2024
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