KUALA LUMPUR, July 13 (Xinhua) -- Malaysia's central bank cut a key policy rate on Wednesday to support domestic growth.
The central bank said its Monetary Policy Committee decided to reduce the Overnight Policy Rate (OPR) to 3.00 percent from 3.25 percent.
The ceiling and floor rates of the corridor for the OPR are correspondingly reduced to 3.25 percent and 2.75 percent respectively, the central bank said in a statement.
It said the adjustment to the policy rate is intended for the degree of monetary accommodativeness to remain consistent with the policy stance to ensure that the domestic economy continues on a steady growth path.
The central bank said the global economy continues to record growth at a more moderate pace, across major advanced and emerging market economies. The growth prospects have also become more susceptible after British voted to leave the European Union.
For Malaysia, domestic demand continues to be the main driver of growth. Exports are projected to remain weak following more subdued demand from Malaysia's key trading partners.