Economists split on interest rate amid lockdown

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Bank Negara Malaysia will announce its first interest rate decision of the year today.KUALA LUMPUR: Malaysia’s first interest rate decision of the year is almost too close to call as surging virus cases and a lockdown threaten the country’s recovery.Twelve economists surveyed by Bloomberg expect Bank Negara Malaysia (BNM) to keep the overnight policy rate steady today at a record low 1.75%, while 11 predict a cut of 25 basis points.Malaysia, which has declared an emergency to curb the spread of Covid-19, has placed most of the country under a movement control order.The mixed views illustrate BNM’s predicament as the two-week, targeted lockdown that began on Jan 13 takes a toll on the economy, leading analysts to downgrade their growth forecasts.However, after the central bank cut rates by a total of 125 basis points last year, “conventional policy ammunition has become low eno…