At its last meeting on 31 October, the central bank kept its rates on hold in an effort to balance inflation pressures while the government attempts to stimulate the economy. It had cut rates in August and September by a cumulative 100 basis points.
Seven economists polled by Reuters had expected the bank to leave its rates unchanged.
The economy grew 2.2 percent in the year to June 30, too slow to make an impact on youth unemployment, estimated at over 20 percent.
The bank cut its overnight deposit rate to 8.25 percent and its overnight lending rate to 9.25 percent. It also cut its discount rate and the rate it uses to price one-week repurchase and deposit operations to 8.75 percent, the bank said in a statement on its website