Asian economies cut rates, move to blunt impact of virus

Sun Online Desk

6th February, 2020 11:49:39 printer

Asian economies cut rates, move to blunt impact of virus

 

Thailand's central bank cut its benchmark interest rate and other Asian countries look set to follow suit as they seek ways to soften the impact of the outbreak of a virus in China that has killed more than 560 people, reports AP.

The Bank of Thailand cut the prime rate to a record low 1% from 1.25% on Wednesday to help the economy weather a series of setbacks.

Many of China's neighbors are reeling from plunging tourist arrivals and other adverse impacts from the outbreak that has spread from the central Chinese city of Wuhan to more than 20 countries.

Governments and central banks have indicated they're prepared to act to prevent the outbreak from throwing regional economies into chaos.

The Bank of Thailand said the softer credit policy would help businesses and households cope as risks rise from mounting debt.

Singapore, the Philippines and Indonesia are among other countries that have signaled a readiness to adjust policies if need be.

 

 

 


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