Financial Digest

Malaysia cuts policy rate to 2%, loosens liquidity to nurse economy through virus

  • 📰 YahooSG
  • ⏱ Reading Time:
  • 39 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 19%
  • Publisher: 71%

Finance Finance Headlines News

Finance Finance Latest News,Finance Finance Headlines

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

KUALA LUMPUR - Malaysia's central bank on Tuesday slashed its key interest rate to the lowest since 2009, and left the door open for further cuts in case the trade-reliant nation's economy suffers prolonged damage from the coronavirus pandemic.

"The Bank will utilise its policy levers as appropriate to create enabling conditions for a sustainable economic recovery," the central bank's monetary policy committee said in a statement. Malaysia, which until mid-April had the highest number of infections in Southeast Asia, has defended its decision to relax curbs. Health authorities on Monday reported 55 new coronavirus cases, raising the total to 6,353 cases. No fresh deaths were reported, and so far 105 people have died in Malaysia.

The central bank said it expects headline inflation to be in negative territory this year, dragged down by weak global oil prices. Underlying inflation is also expected to be subdued on weaker domestic growth prospects and labour market conditions.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 3. in FİNANCE

Finance Finance Latest News, Finance Finance Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Australia 'losing US$2.5 billion a week' in virus shutdownAustralia's economy is losing Aus$4 billion (US$2.5 billion) every week its virus shutdown continues, while a million workers have already lost ... How about Singapore? leehsienloong
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Muhyiddin takes major gamble by lifting coronavirus controls to jump-start Malaysia's economyKUALA LUMPUR - Malaysia's move to cut short its partial shutdown by more than week and allow nearly all economic activity to resume on Monday (May 4) is stirring a worrisome debate in the country.. Read more at straitstimes.com. More of a political move base on race and religion more than anything else. But will they truly be grateful or when things get worse feel they are being patronise?
Source: The Straits Times - 🏆 8. / 63 Read more »