BANGKOK, Nov. 6 (Xinhua) -- The Bank of Thailand (BoT) on Wednesday announced that its monetary policy committee voted to cut its key policy rate by 25 basis points to 1.25 percent.
It has been BoT's second rate cut this year after a 1.5-percent trim in August.
The August cut was the first cut in four years.
Committee secretary Titanun Mallikamas said most members felt a more accommodating monetary policy stance would help contribute to economic growth.
Titanun said the majority of members showed support to cut rate because merchandise exports contracted more than expected and were projected to recover more slowly due to the slowdown of global trade volume affected by international trade tensions.
He also said tourism is growing at a lower than expected rate.
Titanun also said that private consumption is also expected to slow down despite the fiscal stimulus measures.
"Household income is less," said Titanun. "Also, there is a sharp decline in employment, particularly in export-related manufacturing, as well as a rise in household debt."
Private investment is also likely to expand at a slower rate than calculated, Titanun said.
