Bank of Thailand cuts key interest rate
The Bank of Thailand Wednesday cut its key interest rate the first time in six months, bringing it down from an eight-year high of 5.0 per cent in a bid to keep the pace of economic growth.
The central bank's Monetary Policy Committee (MPC) lowered the interest rate to 4.75 in order to spur the economy, said BOT assistant governor Suchada Kirakul. They had maintained the rate of 5.0 since July.
"We decided to cut the rate after our latest figures showed that domestic consumption has declined while inflationary pressure has declined," Suchada told reporters.
"The rate cut will help stimulate the economy in the longer-term and as well decrease (appreciation) pressure on the baht," she added, referring to the Thai currency. Agence France Presse
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