Central banks in Indonesia and Malaysia are expected to keep their benchmark interest rates at record lows Thursday in case a resurgence of Covid drive by the omicron variant sets back growth.

Bank Indonesia and Bank Negara Malaysia are likely to stay on hold at their first meetings of the year, reiterating their commitment to gradually unwind easy monetary policies once the economy shows sustained recovery. BI last adjusted its key rate in February 2021, while BNM has stood pat since July 2020.