Malaysia’s central bank surprised markets today (January 22) when it cut interest rates, a move it described as a “pre-emptive measure”.

Bank Negara Malaysia’s monetary policy committee (MPC) lowered the overnight policy rate by 25 basis points to 2.75%. The ceiling and floor rates of the rate’s corridor were also reduced to accommodate the change.

“The adjustment to the OPR is a pre-emptive measure to secure the improving growth trajectory amid price stability,” the MPC said.

The cut brings