Thai central bank slashes interest rate
Thursday, 4 December 2008
BANGKOK, Dec 3 (AP): Thailand's central bank slashed interest rates by the largest amount in eight years, attempting to stave off recession as the economy reels from the global downturn and a week-long shutdown of Bangkok's airports by anti-government protesters.
The Bank of Thailand said Wednesday it had cut the key lending rate by one percentage point to 2.75 per cent, its lowest level since mid-2005.
"Domestic political problems are likely to have greater repercussions on economic growth than previously assessed, particularly to confidence and tourism," assistant governor Duangmanee Vongpradhip said in a statement.
The Bank of Thailand said Wednesday it had cut the key lending rate by one percentage point to 2.75 per cent, its lowest level since mid-2005.
"Domestic political problems are likely to have greater repercussions on economic growth than previously assessed, particularly to confidence and tourism," assistant governor Duangmanee Vongpradhip said in a statement.