{"id":2770,"date":"2024-02-21T11:08:34","date_gmt":"2024-02-21T04:08:34","guid":{"rendered":"https:\/\/plizz.co\/?p=2770"},"modified":"2024-02-21T11:08:35","modified_gmt":"2024-02-21T04:08:35","slug":"bank-of-thailand-holds-key-interest-rate-at-2-50-in-a-5-2-decision","status":"publish","type":"post","link":"https:\/\/plizz.co\/th\/blog\/bank-of-thailand-holds-key-interest-rate-at-2-50-in-a-5-2-decision\/","title":{"rendered":"Bank of Thailand holds key interest rate at 2.50% in a 5-2 decision"},"content":{"rendered":"
\"Cq95di4zCVxYB1FzaAfM\"<\/figure>\n\n\n\n

The Bank of Thailand (BOT) on Wednesday decided to hold the key interest rate at 2.50%, amid months of falling inflation and pleas from the prime minister to cut the rate.<\/strong><\/p>\n\n\n\n

The BOT\u2019s Monetary Policy Committee (MPC) voted 5:2 in favour of holding the rate, which is almost a decade high. The decision follows weeks of back-and-forth between government figures and BOT Governor Sethaput Suthiwartnarueput.<\/p>\n\n\n\n

The central bank said the MPC believed that while headline inflation was projected to be lower than forecast, it was not a sign of low demand, as falling prices were concentrated in sectors like food and energy. Headline inflation excluding subsidies remained positive.<\/p>\n\n\n\n

Earlier in the week, a Ministry of Commerce report detailed falling year-on-year inflation in January for the fourth month in a row. It prompted Prime Minister Srettha Thavisin and Deputy Finance Minister Julapan Amornviwat to point to the figure, insisting that it indicated an economic slowdown.<\/p>\n\n\n\n

“What we’re seeing is a recovery that is there, but is slower than expected,” Sethaput told news agency Reuters. “That’s not the same thing as a crisis. It’s a temporary thing, and the long-term inflation expectations are still positive and anchored,” Sethaput said.<\/p>\n\n\n\n

Meanwhile, figures from the private sector were expecting an interest rate cut. Suphan Mongkolsuthee, former president of the Federation of Thai Industries, said, \u201cHousehold debt is so high, almost 100% of our GDP, that it makes sense for us to cut interest rates while inflation is negative.\u201d<\/p>\n\n\n\n

Additionally, at Wednesday morning\u2019s Joint Standing Committee on Commerce, Industry, and Banking (JSCCIB) meeting, the committee, serving as a private sector interest group, expressed confidence in the central bank\u2019s decision-making, adding the BOT would take economic indicators, such as inflation, into account.<\/p>\n\n\n\n

The BOT expects financial conditions to remain stable and expects inflation to stabilise at 1% for the year before increasing in 2025. However, the situation in the Middle East and the effects of climate change on agriculture remain key risks.<\/p>\n\n\n\n

Source: The Nation<\/a><\/p>","protected":false},"excerpt":{"rendered":"

The Bank of Thailand (BOT) on Wednesday decided to hold the key interest rate at 2.50%, amid months of falling inflation and pleas from the prime minister to cut the rate. The BOT\u2019s Monetary Policy Committee (MPC) voted 5:2 in favour of holding the rate, which is almost a decade high. The decision follows weeks […]<\/p>\n","protected":false},"author":26,"featured_media":2771,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-2770","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"yoast_head":"\nBank of Thailand holds key interest rate at 2.50% in a 5-2 decision<\/title>\n<meta name=\"description\" content=\"Read our article " Bank of Thailand holds key interest rate at 2.50% in a 5-2 decision ". 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