Economics
Malaysia Cuts Key Rate by Most Since 2009 as Economy Reopens
- Most economists in survey correctly predicted 50 bps cut
- Economy to improve gradually as restrictions eased, BNM says
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Malaysia cut its benchmark interest rate by 50 basis points, the most since early 2009, as it seeks to bolster its newly reopening economy amid the coronavirus pandemic.
Bank Negara Malaysia slashed its overnight policy rate to 2%, as predicted by 14 of 20 economists surveyed by Bloomberg. Five had forecast a 25 basis-point cut, while one expected no change.