UOB Group’s Senior Economist Julia Goh and Economist Loke Siew Ting assessed the recent decision by the Bank Negara Malaysia (BNM) to cut rates to 2.50%, the lowest level in the last decade. Key Quotes “Bank Negara Malaysia (BNM) cut its Overnight Policy Rate (OPR) for the second straight meeting by 25bps to 2.50% today (3 Mar), the lowest level since Jun 2010. This was in line with Bloomberg consensus though the poll was split (15:9) between a 25bps cut and hold. The next scheduled MPC decision will be on 5 May 2020.” “BNM highlights key downside risk mainly from the evolving nature and prolonged impact of COVID-19 outbreak as well as continued weakness in commodity-related sectors. Growth particularly in 1Q20 will be affected by the COVID-19 outbreak particularly in the tourism-related and manufacturing sectors, as well as persistent weakness in the agriculture sector.” “In our view, the tone of the latest monetary policy statement is more dovish and leaves the door open for further rate cuts if necessary. There was a sense of uncertainty on the growth outlook subject to the duration and severity of COVID-19. Hence, we are not ruling out a further 25bps OPR cut in May particularly if there are signs of further weakness to global growth and major central banks stand ready to respond to the COVID-19 outbreak.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Fed’s Mester: I supported rate cut on basis of fresh uncertainty over medium-term outlook FX Street 3 years UOB Group’s Senior Economist Julia Goh and Economist Loke Siew Ting assessed the recent decision by the Bank Negara Malaysia (BNM) to cut rates to 2.50%, the lowest level in the last decade. Key Quotes “Bank Negara Malaysia (BNM) cut its Overnight Policy Rate (OPR) for the second straight meeting by 25bps to 2.50% today (3 Mar), the lowest level since Jun 2010. This was in line with Bloomberg consensus though the poll was split (15:9) between a 25bps cut and hold. The next scheduled MPC decision will be on 5 May 2020.” “BNM highlights key downside risk mainly from… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.