Bank Negara Malaysia cuts policy rate to fresh low

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Bank Negara Malaysia’s monetary policy committee cut the headline rate to a new record low today (July 7), as officials warned of a sluggish recovery from the Covid-19 shock.

“Global economic conditions remain weak with global growth projected to be negative for the year,” policy-makers said in a statement. “Although a trough is expected in the second quarter, broad-based weakness in labour markets and precautionary behaviour by households and businesses could affect the recovery.”

Policy

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