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Bank Negara Malaysia governor Muhammad Ibrahim commented on the new government's announcement about GST being zero-rated beginning in June.
He said Bank Negara expects prices of goods and services previously taxed under GST to decline, and stressed that it is very important for businesses to pass this onto consumers.
"On top of that, the relevant authorities should ensure that enforcement is done to make sure that consumers benefit from the reduction of GST from six to zero percent," he said.
Most likely, he said, the zero-rated GST would also have an impact on inflation but it is too early to calculate right now.
Regarding the ringgit, Muhammad said the currency saw some volatility right after the general elections, but that it stabilised very quickly afterwards.
He said Bank Negara expects prices of goods and services previously taxed under GST to decline, and stressed that it is very important for businesses to pass this onto consumers.
"On top of that, the relevant authorities should ensure that enforcement is done to make sure that consumers benefit from the reduction of GST from six to zero percent," he said.
Most likely, he said, the zero-rated GST would also have an impact on inflation but it is too early to calculate right now.
Regarding the ringgit, Muhammad said the currency saw some volatility right after the general elections, but that it stabilised very quickly afterwards.
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