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Malaysia’s central bank has finally joined its rate-cutting peers, lowering its benchmark interest rate for the first time in five years to support the economy, the Wall Street Journal reported. Bank Negara Malaysia on Wednesday reduced its overnight policy rate by 25 basis points to 2.75%–its first cut since July 2020. While Malaysia’s economy remains on solid footing, the central bank said it decided to cut rates due to the economic threat posed by external uncertainties.
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