KUALA LUMPUR - Malaysia's central bank cut its key interest rate for the fourth straight meeting to a record low as policymakers sought to support a budding recovery in Southeast Asia's third largest economy, which has been battered by the coronavirus pandemic.
While the coronavirus-ravaged economy had begun to rebound recently after government restrictions to contain the virus were eased, the central bank flagged various domestic and external"downside risks" to that recovery from further outbreaks to weaker-than-expected global growth. "The MPC will continue to assess evolving conditions and their implications on the overall outlook for inflation and domestic growth."
The country has also faced political turmoil this year, with a new government taking over in March after former premier Mahathir Mohamad's abrupt resignation caused political upheaval and the collapse of his administration.
Source: Financial Digest (financialdigest.net)
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