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Malaysia raises key rate again to 2.25% amid COVID recovery

Central bank keeps rate hike at 25 basis points despite inflation

Malaysia's central bank governor told the media in May that the bank needed to start recalibrating interest rates.   © EPA/Jiji

KUALA LUMPUR -- Malaysia raised its key interest rate 25 basis points to 2.25%, its central bank announced on Wednesday, following the U.S. Federal Reserve's move to hike rates amid price spikes and economic recovery from the coronavirus.

The overnight policy rate (OPR) revision announced after the central bank's monetary policy meeting on Wednesday is the first time the bank has consecutively raised the interest rates in over a decade. The bank surprised the market by raising the OPR by 25 basis points to 2.00% in May.

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