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8 May, 2019 00:00 00 AM
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Malaysia cuts interest rate for first time since 2016

AFP, Kuala Lumpur

Malaysia’s central bank yesterday cut its key interest rate for the first time in almost three years as it looks to boost slowing growth as China-US trade tensions weigh on the economy.

The move comes as central banks around the world adopt a more dovish stance in the face of a weak global outlook.

Bank Negara Malaysia cut the rate from by 25 basis points to 3.00 per cent, the first reduction since July 2016. The last change was in January 2018 when borrowing costs were increased to 3.25 per cent.

The bank said “considerable downside risks to global growth remain, stemming from unresolved trade tensions and prolonged

country-specific weaknesses in the major economies”.

“Heightened policy uncertainties could lead to sharp financial market adjustments,” it added.

Malaysia is showing signs of being affected by the long-running trade dispute between Beijing and Washington, while the global economy at the same time shows signs of softness.

The cut comes as central banks from Japan to Europe to the United States look to provide monetary support or ease up on tightening measures.

 

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Editor : M. Shamsur Rahman

Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

Editor : M. Shamsur Rahman
Published by the Editor on behalf of Independent Publications Limited at Media Printers, 446/H, Tejgaon I/A, Dhaka-1215.
Editorial, News & Commercial Offices : Beximco Media Complex, 149-150 Tejgaon I/A, Dhaka-1208, Bangladesh. GPO Box No. 934, Dhaka-1000.

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