Bank of Thailand cuts interest rate to two-year low
The Bank of Thailand's Monetary Policy Committee voted 5-2 to reduce the one-day repurchase rate by 25 basis points to 1.75%, the lowest level in two years.
Tourists visit the Grand Palace in Bangkok, Thailand (Photo: AFP/VNA)
Bangkok (VNA) - The Bank of Thailand (BoT) cut its key interest rate by a quarter point for♔ a second consecutive meeting on April 30, in a move to support🦋 an underperforming economy facing uncertainty over steep US tariffs.
As reported by the Bangkok Post, the BoT’s Monetary Policy Committee voted 5-2 to reduce the one-day repurchase rate by 25 basis points to 1.75%, the lowest level in two years.
“It’s quite clear that the storm is coming from the trade war,” BoT Governor Sethaput Suthiwartnarueput said in a speech a day earlier as quoted by the news site. “The need to focus on stability is high.”
In a statement released after the April 30 meeting, the central bank said the Thai economy is projected to expand at a slower pace than anticipated, with more downside risks due to uncertainty in major economies’ trade policies and a decline in the number of tourists.
The economy would grow by 2% at best, down from an earlier forecast of 2.5%, it said.
Southeast Asia’s second-largest economy has suffered twin blows, first from a deadly 7.7-magnitude earthquake in March, while confidence has been shaken by the prospect of 36% tariffs for exports to the US./.
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Pichai said the trade talks with the US are important and need to move forward professionally, without regard for any political changes in Thailand, believing that Thailand has clear principles, guidelines and procedures in place.
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Thai Permanent Secretary of the Ministry of Commerce Vuttikrai Leewiraphan Thailand's formal proposal will be substantial enough for the US to consider further detailed negotiations. He hoped for a tariff rate not exceeding 10% and suggested that the US might extend the negotiation period if an agreement is not reached by the July 8 deadline.
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