KUALA LUMPUR(Bernama) -- Malaysia's move to cut the overnight policy rate (OPR) today to a record low of 1.75% from 2% previously is driven by global economic conditions, which are still in the early stages of recovery from COVID-19. Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz said based on forecasts by various agencies such as the World Bank and the International Monetary Fund, over 150 out of 195 countries globally were expected to record economic contraction in 2020. "The decision to reduce the OPR is aimed at accelerating the rate of recovery and further stimulate the country's economy. "The government believes that this move, combined with proactive measures deployed since March 2020 under the PRIHATIN and PRIHATIN SME+ economic stimulus packages and, more recently the National Economic Recovery Plan (PENJANA), will be able to regenerate the economy by creating jobs, restoring consumer and investor confidence, as well as containing the likelihood of a sharp economic contraction,,
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