Thailand cuts key rate to record low to help economy
The Monetary Policy Committee (MPC) under the Bank of Thailand (BoT) on May 20 cut its policy rate by 25 basis points to a record low of 0.5 percent, to help soften the economic impact of the pandemic and social distancing measures.
Titanun Mallikamas, secretary to the Monetary Policy Committee of Thailand. (Photo: bangkokpost.com)
Bangkok (VNA) - The Monetary Policy Committee (MPC) under the Bank ofThailand (BoT) on May 20 cut its policy rate by 25 basis points to a record lowof 0.5 percent, to help soften the economic impact of the pandemic and socialdistancing measures.
This is the second time in this year the MPC has cut the key rate.
According to MPC Secretary Titanun Malikamas, members voted 4-3 to cut thepolicy rate.
The Thai economy is heading for recession after shrinking 1.8 percent year-on-yearin the first quarter, the deepest contraction since the flood-hit fourthquarter of 2011.
The contraction has compelled the National Economic and Social DevelopmentCouncil to lower its economic forecast to minus 5-6 percent this year, downfrom 1.5-2.5 percent growth seen in February.
The Bank of Thailand earlier warned that the economy would reach a nadir in thesecond quarter, before improving in the third and the fourth quarters./.
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Titanun Mallikamas, secretary to the Monetary Policy Committee of Thailand. (Photo: bangkokpost.com) 
