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Economy

Malaysia raises key rate for third consecutive time to 2.50%

Central bank hikes total 75 bps since May to tame inflation, align with U.S. Fed

Central Bank of Malaysia headquarters in Kuala Lumpur. The bank has hiked rates for three consecutive meetings since May. (Photo by Keiichiro Asahara)

KUALA LUMPUR -- Malaysia's central bank raised the key interest rate by another 25 basis points to 2.50% on Thursday in a move to tame growing inflationary pressure and align with hikes by the U.S. Federal Reserve.

The central bank's monetary policy committee, which meets every two months, has hiked rates for three consecutive meetings since May totaling 75 basis points -- the first time the country has seen three consecutive rate hikes in over a decade.

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