Malaysia's central bank cut interest rates for the first time in five years on Wednesday, as global trade uncertainties threaten the export-oriented economy, raising the prospect it may lower borrowing costs again this year to shield the economy.

The Reserve Bank of New Zealand said it needs to keep watch on inflation risks, which have risen over recent months.

Malaysia's central bank cut its benchmark interest rate for the first time in five years on Wednesday, as it looks to support the economy amid a weaker growth outlook and rising uncertainty in global trade.