KUALA LUMPUR - Malaysia’s central bank is expected to cut interest rates to a historic low next week, according to a slim majority in a Reuters poll, as it seeks to protect Southeast Asia’s third largest economy from the fallout of the coronavirus pandemic.
Bank Negara Malaysia will cut its overnight policy rate MYINTR=ECI by at least 25 basis points to 1.75%, according to seven out of the 12 economists polled, with two of them betting on a bigger 50 bps rate reduction. Alex Holmes, Asia economist for Capital Economics, was one of the analysts who forecast a bigger move in the upcoming meeting.
Malaysia began easing some lockdown measures imposed to contain the spread of the coronavirus in May. After growing just 0.7% in the first quarter, BNM said Malaysia is in an “unprecedented economic crisis” and was poised for a contraction in April-June.
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