Wednesday, February 25, 2009

Bank Negara cuts OPR by half percentage point

KUALA LUMPUR: Worried about a growing risk of an economic contraction this year, Bank Negara has cut the overnight policy rate (OPR) by 50 basis points, or half a percentage point, to 2% as the global economy continues to deteriorate.

This coming just over a month when on Jan 21, Bank Negara cut the OPR by 75 basis points to 2.5% things are not looking very pretty indeed. I am hearing from people in industries like insurance, hair styling, plumbing and food saying their business has dropped from 30% to 50% in recent weeks.

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