KUALA LUMPUR: Malaysia's central bank is expected to cut interest rates to a historic low next week, according to a slim majority in a Reuters poll, as it seeks to protect Southeast Asia's third largest economy from the fallout of the coronavirus pandemic.
Bank Negara Malaysia will cut its overnight policy rate by at least 25 basis points to 1.75%, according to seven out of the 12 economists polled, with two of them betting on a bigger 50 bps rate reduction.
Alex Holmes, Asia economist for Capital Economics, was one of the analysts who forecast a bigger move in the upcoming meeting. Malaysia began easing some lockdown measures imposed to contain the spread of the Covid-19 coronavirus in May. After growing just 0.7% in the first quarter, BNM said Malaysia is in an"unprecedented economic crisis" and was poised for a contraction in April-June.
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