May 5, 2020 / 7:14 AM / a month ago

Malaysia's cuts key rate to 2.00%, as expected

KUALA LUMPUR, May 5 (Reuters) - Malaysia’s central bank cut its key interest rate by 50 basis points to 2.00% on Tuesday, its lowest since 2009, to help the Southeast Asian economy weather the impact of the coronavirus pandemic and a collapse in prices for its energy exports.

Bank Negara Malaysia (BNM) cut its overnight policy rate a day after the government eased six-week long curbs on movement and businesses.

It was the central bank’s third cut in as many policy meetings, and had been widely expected by economists polled by Reuters, with the economy expected this year to suffer its worst economic performance in more than a decade.

$1 = 4.3100 ringgit Reporting by Joseph Sipalan; Editing by Simon Cameron-Moore

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