Malaysia: central bank cuts key interest rate to 2 pct
Malaysia's central bank cut its key interest rate by 50 basis points to 2 percent on May 5, its lowest since 2009, to help the country’s economy weather the impact of the COVID-19 pandemic.
Illustrative image (Photo: https://www.nst.com.my/)Kuala Lumpur (VNA) - Malaysia's central bank cut its key interest rate by 50 basis points to 2 percent on May 5, its lowest since 2009, to help the country’s economy weather the impact of the COVID-19 pandemic.
The move came a day after the Malaysian government allowed most businesses to resume operation after six weeks of closure.
The country, along with other regional nations, is loosening monetary policy due to impacts of the epidemic, which forced enterprises to suspend their business and people to stay home.
Malaysia reported 6,383 cases of COVID-19, including 106 deaths, as of May 5.
Malaysian Prime Minister Muhyiddin Yassin said restriction measures to contain the spread of the disease have caused an economic loss of about 14.6 billion USD for the country.
The Malaysian government has announced economic stimulus packages worth billions of USD to reduce the impact of the epidemic, including tax breaks and cash aid for locals./.
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