Malaysia cuts key rate as global central banks act amid virusA protester wearing a full-body protective suit poses with a person dressed as Spiderman during a demonstration to protest the ejection of the democratically elected government in Kuala Lumpur on Sunday. (AFP photo)KUALA LUMPUR: Malaysia cut its benchmark interest rate Tuesday, following other central banks in boosting stimulus to counter the impact of the coronavirus on economic growth. Australia’s central bank cut its rate by the same magnitude Tuesday, while Indonesia relaxed the reserve ratio for banks a day earlier. The central bank said first-quarter economic growth will be affected by the virus outbreak, especially tourism and manufacturing industries. The Federal Reserve, Bank of England, Bank of Japan and European Central Bank all have pledged to act in response to the rising risk to their economies.

Source: Bangkok Post March 03, 2020 07:30 UTC