Malaysia’s central bank cuts rate to record low

8 July, 2020 12:00 AM printer

KUALA LUMPUR: Malaysian Central Bank on Tuesday cut its Overnight Policy Rate (OPR) by 25 basis points to record low of 1.75 percent to mitigate the impact of COVID-19 outbreak.

The central bank, Bank Negara Malaysia, said in a statement that the ceiling and floor rates of the corridor of the OPR are correspondingly reduced to 2.00 percent and 1.50 percent respectively, following a meeting by its Monetary Policy Committee.

"The reduction in the OPR provides additional policy stimulus to accelerate the pace of economic recovery," it said, reports Xinhua.