Malaysia’s central bank has finally joined its rate-cutting peers, lowering its benchmark interest rate for the first time in five years to support the economy.

Malaysia's central bank will cut its key interest rate for the first time in five years on Wednesday according to a slim majority of economists in a Reuters poll, a sharp shift from the near-unanimous call in previous surveys for no move this month.

Malaysia’s central bank has cut its policy rate after more than a year of holding, in what it said was a “pre-emptive measure” to ensure continued growth.