Malaysia cuts key interest rate to record low of 1.75%

Bank Negara Malaysia eased its overnight policy rate by 25 basis points to 1.75 per cent.
Bank Negara Malaysia eased its overnight policy rate by 25 basis points to 1.75 per cent.PHOTO: REUTERS

KUALA LUMPUR (REUTERS) - Malaysia's central bank on Tuesday (July 7) cut its key interest rate for a fourth straight meeting to a historic low, as South-east Asia's third-largest economy grapples with the coronavirus pandemic and faltering demand for its exports.

Bank Negara Malaysia eased its overnight policy rate by 25 basis points to 1.75 per cent. A slim majority of economists in a Reuters poll had expected a rate reduction of at least 25 basis points.