Malaysia set to cut OPR to record low

The central bank will reduce its overnight policy rate by 25 basis points to 1.75%, the lowest in records dating back to 2004, according to 14 of the 25 economists surveyed by Bloomberg.

KUALA LUMPUR: Malaysia is set to cut its benchmark interest rate to its lowest level on record as it seeks to support the reopening economy amid soaring unemployment and the threat of recession.

The central bank will reduce its overnight policy rate by 25 basis points to 1.75%, the lowest in records dating back to 2004, according to 14 of the 25 economists surveyed by Bloomberg. Four predict a 50 basis-point reduction and the rest see no change.