Thailand slashes rates on "significant change"

The Bank of Thailand made its biggest-ever rate cut on Wednesday, sparked by what it termed a significant change in the economic environment.

The central bank sliced a full percentage point off its policy interest rate, leaving the rate at 2.75 - its lowest level since July 2005.

The global financial crisis had, the central bank said, "led to a significant and more-than-expected slowdown in growth in industrial economies as well as a marked decline in exports in regional economies."

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