Bank Negara Malaysia cuts policy rate to fresh low
Labour market weakness and cautious households may hamper recovery, central bank warns
Bank Negara Malaysia’s monetary policy committee cut the headline rate to a new record low today (July 7), as officials warned of a sluggish recovery from the Covid-19 shock.
“Global economic conditions remain weak with global growth projected to be negative for the year,” policy-makers said in a statement. “Although a trough is expected in the second quarter, broad-based weakness in labour markets and precautionary behaviour by households and businesses could affect the recovery.”
Policy
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