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Financials

Malaysia cuts banks' statutory reserve requirement ratio to 3%

KUALA LUMPUR, Nov 8 (Reuters) - Malaysia central bank said on Friday it would cut banks’ statutory reserve requirement (SRR) to 3.00% from 3.50%, effective Nov. 16.

“The decision to reduce the SRR is undertaken to maintain sufficient liquidity in the domestic financial system,” the Bank Negara Malaysia (BNM) said in a statement.

“This will continue to support the efficient functioning of the domestic financial markets and facilitate effective liquidity management by the banking institutions.” (Reporting by Krishna N. Das; Editing by Kim Coghill)

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