Thailand's central bank unexpectedly cut its key interest rate on Wednesday, saying the move brought rates a "neutral" level consistent with the economy's growth potential and downplaying the impact of government calls for policy easing on its decision.

Thailand’s Finance Minister Pichai Chunhavajira made a fresh appeal for a rate cut on Tuesday, a day before a central bank monetary policy meeting in which it’s forecast to hold borrowing costs at a decade high.

Wednesday’s decision had been widely expected as Philippine inflation continues to ease and external uncertainties rise, but the size of the cut had been up for debate.

Thailand's central bank unexpectedly cut its key interest rate at a policy review on Wednesday, a move long called for by the government as needed to revive a sluggish economy with inflation below target.

The Philippine central bank cut its benchmark interest rate by 25 basis points for the second time this year, as slowing inflation gave it room for further easing.

The Philippine central bank cut its key interest rate by 25 basis points (bps) to 6.0% on Wednesday, its governor said, reducing the overnight borrowing rate for a second straight meeting as expected.