March 3, 2020 / 7:04 AM / a month ago

Malaysia's c.bank cuts key rate to 2.50% as expected

KUALA LUMPUR, March 3 (Reuters) - Malaysia’s central bank cut its key interest rate by 25 basis points to 2.50% on Tuesday, its lowest in 10 years, to mitigate the impact of the coronavirus outbreak on its economy.

Bank Negara Malaysia’s (BNM) cut its overnight policy rate by 25 basis points, as expected, the second cut to its benchmark rate this year.

Economists in a Reuters poll were split on whether the central bank would cut its benchmark rate, with six out of 11 seeing a 25 basis point cut.

The central bank made a surprise 25 basis point cut in January, which it described as a “pre-emptive measure” to shore up growth prospects. (Reporting by Joseph Sipalan; Editing by Jacqueline Wong)

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