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Thai central bank slashes key rate to 1.5 percent
The Associated Press , Bangkok | Wed, 02/25/2009 2:59 PM | Business
Thailand's central bank has slashed its benchmark lending rate for the third time in three months as it attempts to kickstart an economy headed for its first recession in a decade.The Bank of Thailand's statement Wednesday says the rate was lowered by half a percentage point to 1.5 percent - its lowest level since early 2005.
Last month, the bank cut the rate by 0.75 percentage point after a 1 percentage point cut in December.
Southeast Asia's second-largest economy may contract as much as 1 percent in 2009 because of declining exports and weak domestic demand, according to the government's National Economic & Social Development Board.
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