BOT cuts key interest rate by 0.25%

BANGKOK, October 17 (TNA) - The Bank of Thailand (BOT) has decided to cut its key interest rate, for the first time this year, by 0.25 per cent to boost the national economy amid impacts from the ongoing global economic downturn. BOT's Monetary Policy Committee (MPC) made the decision on lowering the central bank's policy interest rate from 3 per cent to 2.75 per cent, with its majority vote, at its meeting on October 17. BOT Assistant Governor Paiboon Kittisrikangwan told reporters of the decision after the latest MPC meeting. Paiboon also acknowledged that Thailand's real interest rate at minus 0.25 per cent currently is not attractive for public savings and will, probably, cause subsequent problems in the long run. (TNA)