Malaysia cuts key interest rate to 2.0 pc
Wednesday, 25 February 2009
KUALA LUMPUR, Feb 24 (AFP): Malaysia's central bank cut its key interest rate by 50 basis points to 2.0 per cent today, saying the troubled global outlook had raised the risk of a recession in 2009.
The surprise decision represented an unprecedented third consecutive cut in interest rates, as Malaysia attempts to stave off a slowdown with official data showing steep declines in exports and industrial production.
"The downside risks to the global economic outlook have increased significantly," Bank Negara said in a statement.
The surprise decision represented an unprecedented third consecutive cut in interest rates, as Malaysia attempts to stave off a slowdown with official data showing steep declines in exports and industrial production.
"The downside risks to the global economic outlook have increased significantly," Bank Negara said in a statement.