Malaysia’s central bank lowered its key interest rate by 25 basis points to 3% on May 7, the first cut in nearly three years, as the country’s economy struggles amid internal and external demand slowdowns.

Economists had been expecting the rate cut as Malaysia’s inflation and manufacturing numbers remain low, and some say there will be one more cut this year to take the rate to 2.75%.

The central bank last cut its policy rate to 3% in July 2016, and raised to 3.25% in January 2018.