Bank Negara cuts key interest rate in surprise move

Bank Negara unexpectedly cut its key interest rate by 25 basis points today, as it looks to spur private spending and protect economic growth.

The cut brings Bank Negara's overnight policy rate down to 2.75 percent.

Nearly all of the 14 economists in a Reuters poll had expected the central bank to keep the rate unchanged. Only one predicted a 25 basis point cut.

The central bank last cut its policy rate in May by 25 basis points in a bid to boost growth amid concerns over flagging global demand. — Reuters