At a press conference in conjunction with the release of BNM’s 2025 annual report, Rasheed said the actual economic impact of the crisis must first be assessed as events continue to unfold.
“We are coming into this year from a position of strength, so we have to assess the impact as things evolve before deciding on a stimulus package.
“Banks are ready to help borrowers – including corporates and small and medium enterprises (SMEs) – if they face any issues. Approach the banks,” he said at Sasana Kijang today.
He added that any stimulus package must be targeted yet supportive of the entire ecosystem to ensure holistic assistance.
Recently, the Federation of Malaysian Manufacturing urged the government to step up support for its members, suggesting, among other measures, a six-month bank loan moratorium for all micro, small and medium enterprises.
The Small and Medium Enterprises Association of Malaysia (Samenta) also called on the government to prioritise liquidity support in any proposed stimulus package, as escalating tensions in the Middle East drive up costs and disrupt supply chains for SMEs.
Samenta president William Ng proposed measures such as loan restructuring, additional banker’s acceptance financing of up to six months, faster tax refunds, and an expansion of the Syarikat Jaminan Pembiayaan Perniagaan Bhd guarantee scheme to improve access to working capital.
‘Stress tests considered various scenarios’
On BNM’s forecast of a 4% to 5% gross domestic product growth in 2026, Rasheed said the government had already considered various scenarios in its projection, including the severity of the Iran war and its potential economic impact.
He said BNM would continue monitoring developments in real time and might revise its projections if the conflict worsens.
“If the conflict escalates across the region and results in massive destruction, then the projections will be adjusted accordingly,” he said.
The BNM governor said the government is also exploring alternative energy sources to mitigate the conflict’s impact on oil prices, but did not specify those sources.