Malaysia cuts interest rate for first time since 2016

Malaysia’s central bank Tuesday cut its key interest rate for the first time in almost three years as it looks to boost slowing growth as China-US trade tensions weigh on the economy.

The move comes as central banks around the world adopt a more dovish stance in the face of a weak global outlook.

Bank Negara Malaysia cut the rate from by 25 basis points to 3.00 percent, the first reduction since July 2016. The last change was in January 2018 when borrowing costs were increased to 3.25 percent.