Economy

Thai central bank surprises market with first rate cut since 2020

Philippine central bank also makes dovish decision; Bank Indonesia stands pat

20241016 bank of thailand

The Bank of Thailand on Oct. 16 cut its policy interest rate by a quarter point, confounding a Reuters poll of economists, 24 out of 28 of whom expected the bank to stand pat. (Photo by Hiroki Endo)

APORNRATH PHOONPHONGPHIPHAT, Nikkei staff writer
October 16, 2024 17:30 JST
Updated on October 16, 2024 19:37 JST

BANGKOK -- The Thai central bank cut its key interest rate by a quarter point to 2.25% on Wednesday, its first rate cut since May 2020, as it aimed to ease borrowers' debt-servicing costs.

The decision took the market by surprise. According to a Reuters poll, 24 out of 28 economists expected the Bank of Thailand to stand pat.

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