Bank of Thailand lowers interest rate by 50 bps to 1½%

By Richard Connell

New York, Feb. 25 - The Monetary Policy Council of the Bank of Thailand cut its policy interest rate by 50 basis points to 1½% at its meeting on Wednesday, according to a press release issued by the bank.

The council observed that the slowdown in world economic growth has affected the economy of Thailand and its neighbors, as reflected in lower exports and domestic demand.

The council forecast that risks to growth were increasing, while inflation was expected to decline further, with core inflation possibly falling below the target range in 2009.

In order to support economic recovery and safeguard price stability, the council reduced the interest rate to 1½%.

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