In a bid to stimulate economic growth, Bank Negara Malaysia has announced a 25 basis point reduction in its interest rates. This decision aims to support small and medium enterprises (SMEs) and boost consumer spending, which has been sluggish amid global uncertainties.
The central bank’s move comes after a series of economic indicators showed a slowdown in domestic growth, prompting the need for intervention. According to Governor Datuk Nor Shamsiah Mohd Yunus, the rate cut is designed to encourage borrowing and investment, providing much-needed relief to businesses facing financial challenges.
SMEs are expected to benefit the most from this reduction, as lower borrowing costs will enable them to expand and create new job opportunities. Financial analysts believe that while the rate cut is a positive step, continued monitoring of global trends will be crucial in maintaining economic stability.
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