Thailand cuts interest rates to record low as coronavirus spreads

Move comes as government lowers growth forecast, fearing disease impact

20200205 Thai central bank coronavirus line for mask

People line up at a pharmacy to buy face masks at Siam Square in Bangkok. The central bank fears the coronavirus will slow the Thai economy. © AP

MASAYUKI YUDA, Nikkei staff writer

February 5, 2020 16:07 JST

Updated on February 5, 2020 20:54 JST

BANGKOK -- Thailand's central bank on Wednesday cut its policy rate to a record low to cushion the blow of the coronavirus epidemic.

The Bank of Thailand's monetary policy committee lowered its one-day repurchase rate by 0.25 of a percentage point to 1%. The latest cut brought the rate to a historical low. In November 2019, the bank had cut the rate to 1.25%, equaling the level it maintained from April 2009 to July 2010 to stave off the global financial crisis.