Interest rate cut could cause ringgit to depreciate further, says Dr Wee

PETALING JAYA: Bank Negara’s decision to lower interest rates could cause the ringgit to depreciate further and the Government should closely monitor the local currency, says MCA president Datuk Seri Dr Wee Ka Siong.

He said the reduction of Overnight Policy Rate (OPR) to 3.00% on Tuesday (May 7) has reduced the gap between Malaysia and United States interest rates, which were between 2.25% and 2.5%, after the US repeatedly raised its rates last year.