By Amanda Lee and Fabiana Negrin OchoaThailand's central bank has joined the ranks of monetary authorities who are easing monetary policy, surprising markets with its first rate cut in over four years to help boost the economy. The Bank of Thailand said Wednesday that its policy committee voted five to two to reduce the policy interest rate to 2.25% from 2.50%. Most of the Bank of Thailand's monetary policy committee members voted to lower the policy rate to help alleviate the debt-servicing burden for borrowers, it said Wednesday. The Philippines central bank also delivered a rate cut on Wednesday, its second of the year, while Indonesia opted to hold rates steady but started its easing cycle in September. "There is a very strong case for the central bank to cut further over the coming months," said Gareth Leather, senior Asia economist at Capital Economics.

Source: Wall Street Journal October 16, 2024 08:59 UTC