Bank of Thailand rate cut aims to boost demand, not weaken baht

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The Bank of Thailand (BoT) cut its policy interest rates by 25 basis points today after growth and production for the first quarter came in worse than expected, but did not cite baht appreciation among its reasons for the cut.

GDP growth for the first quarter came in slightly lower than expected, at 5.3%, and industrial production was down 3.8% year-on-year in April.

The BoT had been under pressure from the finance ministry to cut rates, partly to stem the rise of the baht as hot money flowed

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