Thailand’s central bank makes surprise interest rate cut
The Bank of Thailand (BoT) on Wednesday unexpectedly cut its key interest rate for the first time in four years, in reply to an appeal by the government to revive a sluggish economy with inflation below target.
The Bank of Thailand.. Photo courtesy of the bank.
The central bank’s Monetary Policy Committee voted 5 to 2 to reduce the one-day repurchase rate by 25 basis points to 2.25%. The rate had been at a 10-year high of 2.50% since September 2023.
The most recent change in the policy rate was an increase of 25 basis points in September last year. The last time the central bank cut rates was in May 2020.
The Pheu Thai-led government has been pressing the central bank for months to cut borrowing costs to help spur the underperforming economy. In addition, ministers have argued that inflation has been below the central bank’s target range of 1-3% for several months.
Thai Chamber of Commerce chairman Sanan Angubolkul said on October 9 that lower borrowing costs will help businesses grappling with high expenses and a strong baht.
The local currency surged 14% in the third quarter, making the country’s exports more expensive compared to those of competitors. It has weakened slightly in recent days.
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