Thailand unexpectedly cuts interest rate to record low

Bangkok

THAILAND'S central bank unexpectedly cut its benchmark interest rate for a third time in six months on Wednesday, taking it to a record low as a virus spreading from China puts further pressure on the struggling economy.

The Bank of Thailand's (BOT) monetary policy committee voted unanimously to cut the one-day repurchase rate by 25 basis point to a fresh record low of 1.0 per cent, the lowest in Asia outside of Japan.