It says the virus outbreak will weigh on the economy, particularly in the first quarter.
Bank Negara Malaysia has cut its key interest rate on Tuesday to the lowest in 10 years, to reduce the impact of the coronavirus outbreak on the country's exports and tourism.
The central bank's monetary policy committee said the virus outbreak will weigh on the economy, particularly in the first quarter, and add further pressure on full-year growth as the Southeast Asian country continues to grapple with weakness in commodity-related sectors. This is the second cut to BNM's benchmark rate this year and comes after a week of political turmoil in which Muhyiddin Yassin took over as prime minister following the resignation of 94-year-old Dr Mahathir Mahathir.
The move follows a cut by Australia's central bank earlier on Tuesday to slash its benchmark rate to a record low and ahead of plans by the Group of Seven nations to work together to soften the global economic hit of the coronavirus.
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