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Huge Rate Cut Aims to Restart Thai Economy

Central bank surprises analysts as country forms new government

By Jason Farago, Newser Staff

Posted Dec 3, 2008 8:22 AM CST

(Newser) – The Bank of Thailand today cut interest rates by 100 basis points, more than any observers expected, as the besieged nation tries to restart its economy. As Bloomberg reports, the 6-month protest that ended with the ouster of PM Somchai Wongsawat sapped exports and aggravated the pain of the global recession. Now fiscal spending necessary to restart the economy will be delayed while MPs scramble to form a new government.

The skyline of Bangkok. The central bank of Thailand cut rates aggressively today to restart the economy after six months of protests. (©StarvingFox)

One baht Obverse (©BKM_BR)

The skyline of Bangkok. The central bank of Thailand cut rates aggressively today to restart the economy after six months of protests. (©Swami Stream)

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Huge Rate Cut Aims to Restart Thai Economy

Central bank surprises analysts as country forms new government

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Stocks Sink as Bernanke Hints at Rate Cut

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Former Fed chief takes heat on Capitol Hill

Ignore Dubai at Your Own Peril

$30B default could still take out other economies

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Tenuous 3.5% growth is best showing in two years

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Huge Rate Cut Aims to Restart Thai Economy

Central bank surprises analysts as country forms new government

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OTHER STORIES ON OUR RADAR

Thailand • interest rate cut • economy • Somchai Wongsawat • financial crisis

MOST POPULAR STORIES

[ By Views ]

[ By Comments ]

More Newser Stories

Stocks Sink as Bernanke Hints at Rate Cut

After early optimistic surge, Dow falls 300 points

As Crises Spread, Europe Scrambles for an Answer

Even healthier countries now feeling pinch

Greenspan: We Did 'the Best We Could'

Former Fed chief takes heat on Capitol Hill

Ignore Dubai at Your Own Peril

$30B default could still take out other economies

Economy Grows in Q3, Signals End of Recession

Tenuous 3.5% growth is best showing in two years

About Us

Site

Newser By Users

Community

Site Maps

Tools

More News

What is Newser?