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Bank Negara Malaysia reduced the Statutory Reserve Requirement (SRR) rate for banks from 3% pre-covid pandemic to 2.00% with effect from 20th March 2020. Explain

Bank Negara Malaysia reduced the Statutory Reserve Requirement (SRR) rate for banks from 3% pre-covid pandemic to 2.00% with effect from 20th March 2020. Explain the reasons and the effect of this reduction to the Malaysian economy. (8 marks)

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