Bank of Thailand lowers interest rate by 75 bps to 2%

By Richard Connell

New York, Jan. 14 - The Monetary Policy Council of the Bank of Thailand cut its policy interest rate by 75 basis points to 2% at its meeting on Wednesday, according to a press release issued by the bank.

The council pointed out that the ongoing global financial crisis has negatively affected industrial economies, leading to a contraction in Thai exports.

The council also noted that while domestic demand has continued to soften, the increased stability in the domestic political situation should allow the government to better implement its economic stimulus measures.

Seeing that inflation has remained low due to declining oil and commodity prices, the council cut its interest rate to 2% in order to further support the economic recovery.

The council had lowered the rate by 100 bps at its December meeting.

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