Malaysia's central bank says economic growth will sustain at 5-6 per cent in 2013

KUALA LUMPUR, Malaysia – Malaysia’s central bank says it expects economic growth to be sustained at between 5 and 6 per cent this year after a better-than-expected expansion in 2012.

Gross domestic product rose 5.6 last year, partly boosted by government spending ahead of general elections expected by June. The economy expanded 5.1 per cent in 2011.

Central bank governor Zeti Akhtar Aziz says Malaysia’s economy will remain on a steady growth path, anchored by robust domestic demand and improving exports.

She said Wednesday that foreign exchange administration rules will be relaxed further from June to improve Malaysia’s economic competitiveness and bolster development of the domestic financial market. This includes allowing Malaysian companies to invest in foreign currency-denominated assets offered by locals.