Malaysia keeps rates at 3.5%

Bank Negara Malaysia's rate-setting monetary policy committee voted to hold its benchmark overnight policy rate at 3.5% on Monday in spite of concern over inflation.

The central bank blamed global price pressures for the recent rise in inflation and said risks remained on the upside. But a global slowdown would keep price rises low, making a rate hike unnecessary.

"Economic indicators in the large industrial countries are increasingly indicating heightened downside risks to the prospects for g