KL makes rate cut after US announces 25% tariff

Malaysia's central bank cut its benchmark interest rate for the first time in five years on July 9, as it looks to support the economy amid a weaker growth outlook and rising uncertainty in global trade.

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KUALA LUMPUR - Malaysia's central bank cut its benchmark interest rate for the first time in five years on July 9, as it looks to support the economy amid a weaker growth outlook and rising uncertainty in global trade.

Bank Negara Malaysia lowered its overnight policy rate (OPR) by 25 basis points to 2.75 per cent from 3 per cent, where it had been since May 2023, as had been expected by 17 of 31 economists surveyed in a Reuters poll.

The ceiling and floor rates of the OPR corridor are correspondingly reduced to 3 per cent and 2.5 per cent respectively, the central bank said in a statement.