Malaysia's central bank cut interest rates for the first time in five years on Wednesday, as global trade uncertainties threaten the export-oriented economy, raising the prospect it may lower borrowing costs again this year to shield the economy.

Bank Negara lowers key rate to 2.75% from 3% on weaker growth outlook. Read more at straitstimes.com. Read more at straitstimes.com.

Bank Negara Malaysia said the ringgit’s exchange rate is market-determined and that the central bank’s derivative positions are used to manage liquidity conditions.