Malaysia's central bank slashed interest rates to a record low to fight the impact of the coronavirus pandemic, and warned that the pace of economic recovery was uncertain, according to AFP.

Bank Negara Malaysia slashed its key rate by 25 basis points to 1.75 per cent, its fourth straight reduction, and warned that the economy had contracted sharply in the second quarter because of the strict lockdown.

The country's outbreak has been small — it has recorded about 8,600 cases and 121 deaths — but the lockdown is nevertheless believed to have cost the economy billions of dollars.