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Malaysian central bank raises policy rate to 2.00%

First rate hike since July 2020 surprises markets

Malaysia's central bank raised its benchmark interest rate for the first time in nearly two years on May 11, citing the global economic recovery and improving labor market conditions at home.   © Reuters

KUALA LUMPUR -- Malaysia has raised its benchmark interest rate by 25 basis points, the central bank announced Wednesday, in a surprise move aimed at taming global inflationary pressures.

The overnight policy rate (OPR) was raised to 2.00%, the first increase since the rate reached a record low of 1.75% in July 2020.

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