KUALA LUMPUR - Malaysia's central bank cut its benchmark interest rate in a surprise move on Wednesday , the first in South-east Asia to do so this year as it seeks to support its economy amid lingering global uncertainty.
The central bank is moving to bolster confidence in Malaysia's economy since it began showing signs of strain from the global slowdown last year. The bank cut the statutory reserve ratio requirement in November as growth weakened in the third quarter. Malaysia's economy is showing signs of picking up after a lacklustre year confronting external risks. December's manufacturing PMI signalled an expansion in factory output for the first time in 15 months. Industrial production grew at a five-month high of 2 per cent in November from a year ago
The central bank cut rates once last year by 25 basis points, less than the easing carried out by many of its South-east Asian peers. In November, it unexpectedly lowered the required reserve ratio for banks to help improve liquidity
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