Thailand cuts interest rate to record low to rein in surging baht

BANGKOK: The Bank of Thailand cut its benchmark interest rate for the second time in three months to boost the economy and curb a rampant currency.

Five of the seven Monetary Policy Committee members voted to cut the key rate by a quarter-percentage point to 1.25%, the central bank said in a statement. That matches a record low and was in line with the forecasts of 16 of the 26 economists in a Bloomberg survey.