Weaker economy prompts rate cut

The central bank’s move to ease its monetary policy came less than a week after former Prime Minister Tun Dr Mahathir Mohamad announced the RM20bil economic stimulus package to prop up the slowing economy.

PETALING JAYA: Bank Negara Malaysia appears to have turned more cautious on the country’s economic outlook following its decision to slash the benchmark interest rate to the lowest level in nearly a decade.

The central bank’s Monetary Policy Committee announced the reduction of the Overnight Policy Rate (OPR) to 2.5% from 2.75% earlier.