Thailand's central bank cuts policy rate by 25 bps to record low

[BANGKOK] Thailand's central bank cut its key interest rate for the third time this year to a new low on Wednesday, as expected, as the coronavirus pandemic slows business activity in South-east Asia's second-largest economy.

The Bank of Thailand's monetary policy committee voted 4-3 to cut the one-day repurchase rate by 25 basis points to 0.50 per cent, the fifth reduction in borrowing costs since August.

In a Reuters poll, 16 of 18 economists had predicted a quarter-point cut on Wednesday, while two others expected the central bank to stay on hold after reducing the rate by 100 bps in the past year.

REUTERS