May 20, 2020 / 7:17 AM / 13 days ago

Thailand's central bank cuts policy rate by 25 bps to record low

BANGKOK, May 20 (Reuters) - Thailand’s central bank cut its key interest rate for the third time this year to a new low on Wednesday, as expected, as the coronavirus pandemic slows business activity in Southeast Asia’s second-largest economy.

The Bank of Thailand’s (BOT) monetary policy committee voted 4-3 to cut the one-day repurchase rate by 25 basis points to 0.50%, the fifth reduction in borrowing costs since August.

In a Reuters poll, 16 of 18 economists had predicted a quarter-point cut on Wednesday, while two others expected the central bank to stay on hold after reducing the rate by 100 bps in the past year. (Reporting by Orathai Sriring, Kitiphong Thaichareon and Satawasin Staporncharnchai; Editing by Ana Nicolaci)

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