Thailand’s central bank cuts key interest rate to record low hinh anh 1The Bank of Thailand (BoT) (Source:

Bangkok (VNA) - The Bank of Thailand (BoT) slashed its basic interest rate to a record low of 1 percent in an effort to shore up the economy which is hit by the novel coronavirus (nCoV) epidemic and the months-long delay in the fiscal 2020 budget bill.

In 2019, the BoT cut the basic interest rate in August and November in a bid to bolster the economy, whose 2019 growth is estimated at 2.5 percent - the weakest in the last five years. 

The nCoV outbreak and the postponement of the 3.2-trillion-baht budget bill have dealt further blows to an already sagging economy.

A senior official of the bank said recently that both factors would have a significant impact on the Thai economy, particularly in the first three months of 2020.

In mid-December, the BoT downgraded Thailand’s economic growth forecast for 2020 to 2.8 percent from 3.3 percent predicted in last September./.