Bank Negara Malaysia unexpectedly lowered its overnight policy rate by 25 bps to 2.75% during its January meeting, the first interest rate cut since March last year, in an attempt to boost economic growth amid price stability. For 2020, growth is expected to gradually improve supported by resilient private spending and better export performance, while private investment is projected to remain modest. Meantime, inflation is expected to average higher but remain modest. The ceiling and floor rates of the corridor of the overnight policy rate trimmed to 3% and 2.50%, respectively.