KUALA LUMPUR, MALAYSIA - Malaysia's central bank has front-loaded its interest rate cuts and the central bank's focus now is to ensure there is access of financing, governor Zeti Akhtar Aziz said on Thursday.

Bank Negara's overnight policy rate currently stands at 2 percent, one of the lowest in Asia.

'The issue is not about the cost of financing. Interest rates are at their historic lows and we believe it is more the access to financing (that is of concern),' she told reporters after attending an event at the central bank.

The central bank will continue to monitor the impact of its rate cuts, which have been front-loaded, she said.

Asked if the central bank plans to revise its economic growth projections for the country for this year, she said a revision will be made in the middle of the year.

'We are experiencing a contraction in our external sector, quite a significant contraction, but at the same time, we are seeing growth in domestic demand, so it therefore remains to be seen whether in fact all the measures globally that have been announced and are being implemented have the desired effect and bring about stability in the second half of the year.

'If that is the case, then we will see improvement in the second half of this year,' said Zeti.

The central bank's gross domestic product forecast ranges from 1 percent contraction to 1 percent growth, although the Malaysian Institute of Economic Research (MIER), an influential think-tank, expects the economy to shrink 2.2 percent this year.