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Malaysia’s central bank unexpectedly cuts interest rates

by ChemOrbis Editorial Team -
  • 13/07/2016 (12:02)
According to media reports, Malaysia’s central bank, Bank Negara Malaysia, surprisingly cut its overnight policy rate by 25 basis points to 3%, although economists had expected the bank to keep rates unchanged. The bank cited ongoing deceleration in economic growth and slowing inflation rates as the main reasons behind their decision.

The bank reported that lower oil and gas prices, weak demand from their key trading partners, especially from China, as well as uncertainties in global economies are the main factors weighing down the country’s economic expansion.

Malaysia’s Statistics Department reported on Tuesday that growth in the country’s industrial production slowed to 2.7% on the year in May from April’s growth of 3%.

In the first quarter, Malaysia’s economy grew 4.2% compared with the same period of 2015, slower than the 4.5% growth in the previous quarter and below the 5.7% growth in the first quarter of 2015.
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