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Bank of Thailand holds rate, cuts GDP forecast on Covid spike
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(Bloomberg) Thailand’s central bank kept its benchmark interest rate unchanged for an eighth straight meeting, warning its forecast for an economic recovery was threatened by the country’s biggest virus wave since the pandemic began.
The Bank of Thailand held the policy rate Wednesday at 0.
BANGKOK, May 5 (Bloomberg): Thailand’s central bank kept its benchmark interest rate unchanged for an eighth straight meeting, warning its forecast for an economic recovery was threatened by the country’s biggest virus wave since the pandemic began.
The Bank of Thailand held the policy rate Wednesday at 0.5% in a unanimous decision, as expected by all 22 economists in a Bloomberg survey.
Thailand’s total Covid-19 caseload has more than doubled since early April, with a flareup that began in Bangkok nightlife venues spreading nationwide. The government tightened restrictions starting May 1, potentially slowing a rebound from the economy’s deepest contraction in more than two decades.
(Bloomberg) Thailand’s central bank held its benchmark interest rate steady at an all-time low as fiscal measures take the lead in reviving the economy amid a renewed outbreak of Covid-19.The Bank of Thailand kept the policy rate at 0.5% Wednesday in a unanimous decision, its sixth straight hold. Twenty-five of 27 economists in a Bloomberg survey predicted the decision, with two expecting a 25-basis point cut.Assistant Governor Titanun Mallikamas said the central bank was preserving its policy space for the proper time, but was prepared to use additional monetary tools and was assessing the need for new measures in the foreign-exchange market.“They still keep the door open to further easing if required. That said, they don’t have much room, at least on conventional rates,” said Mitul Kotecha, senior emerging markets strategist at TD Securities in Singapore. “It highlights that they are increasingly focusing on liquidity and macro-prudential tools.&#
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