January 22, 2020 / 7:05 AM / a month ago

Malaysia's c.bank cuts key rate to 2.75% in surprise move

KUALA LUMPUR, Jan 22 (Reuters) - Malaysia’s central bank unexpectedly cut its key interest rate by 25 basis points on Wednesday, as it looks to spur private spending and protect economic growth.

The cut brings Bank Negara Malaysia’s (BNM) overnight policy rate down to 2.75%.

Nearly all of the 14 economists in a Reuters poll had expected BNM to keep the rate unchanged. Only one predicted a 25 basis point cut.

The central bank last cut its policy rate in May by 25 basis points in a bid to boost growth amid concerns over flagging global demand. (Reporting by Joseph Sipalan; Editing by Jacqueline Wong)

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