Malaysia central bank cuts rate to record low to offset COVID pain

Policy board takes action at fourth straight meeting, dropping rate to 1.75%

Malaysia's central bank has been cutting rates to support the ailing economy. © Reuters

P PREM KUMAR, Nikkei staff writer

July 7, 2020 16:14 JST

Updated on July 7, 2020 16:27 JST

KUALA LUMPUR -- Malaysia's central bank on Tuesday slashed its key interest rate to a record low, attempting to cushion the negative impact of the coronavirus pandemic.

Bank Negara Malaysia's policy committee, in a statement, said it decided to cut the overnight policy rate by 25 basis points to 1.75%. This marks the bank's fourth consecutive rate cut since Jan. 22.