MPC unexpectedly slashes rate to 2.75%
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The Bank of Thailand's Monetary Policy Committee unexpectedly adopted the hawkish approach, with today's decision to cut the policy rate by 25 basis points to 2.75 per cent.
"The overall global economic outlook remained weak, although further monetary policy easing in major economies helped to support global financial market sentiment and latest indicators pointed towards some improvements in US housing and labour markets. Weak global demand had weighed more heavily on Chinese and regional economies than expected. Going forward, a more moderate growth outlook for the Chinese economy could dampen Asian exports further. At the same time, fiscal risks in the US and practical implementation challenges to the
