Thailand Cuts Policy Rate By 50bps

[george]

MPC cuts policy rate by 50bps

BANGKOK: -- The Monetary Policy Committee on Wednesday slashed the 1-day repurchase rate by 50 basis points, on fears that impacts of the global economic crisis on Thai economy could worsen.

The cut came two days after the National Economic and Social Development Board reported that Thai economy contracted over 4 per cent in the last quarter of last year. Meanwhile, exports in January also contracted 26.5 per cent on year.

-- The Nation 2009-02-25