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Malaysia cuts overnight policy rate to 3%

Bank NegaraMalaysia cut its policy rate by 25 basis points as rising globalrisks threaten the country's growth prospects.

The Malaysian central bank said July 13 that it decided to reducethe overnight policy rate to 3%. The ceiling and floor rates of the corridorfor the overnight policy rate were reduced to 3.25% and 2.75%, respectively.

The central bank said global growth prospects have becomemore vulnerable to downside risks and international financial markets could besubject to greater volatility following the U.K. decision to exit the European Union.

Inflation is lower and is expected to remain stable, thecentral bank said. It lowered its inflation projection to 2% to 3% in 2016 fromits previous projection of 2.5% to 3.5%.