Thailand cuts interest rate

Thailand reduced its official interest rate to the lowest level in three years on Wednesday to boost the economy in the face of a protracted political crisis. The Bank of Thailand lowered its policy rate by 0.25 percentage points, to 2.00 per cent -- a level last seen in January 2011. It is the second time since November that the central bank has lowered borrowing costs to cushion the blow of political turmoil. "Downside risks to growth have risen in the wake of prolonged political situation," it said in a statement after its Monetary Policy Committee voted 4-3 for the cut, according to AFP.