# Bank of Thailand and PM at odds again following disappointing Q4 growth

- Link: https://www.thailand-business-news.com/banking/126912-the-bank-of-thailand-and-pm-at-odds-again-following-disappointing-q4-growth
- Published: 2024-02-21T10:11:14+07:00
- Author: Nguyen Trang

**Prime Minister Srettha Thavisin called for a cut in interest rates, citing public
hardship, as the current rate of 2.50% is the highest in a decade. **

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 * Thailand’s fourth-quarter economic growth of 1.7% fell short of analysts’ forecasts,
   with a 0.6% contraction from the previous period.
 * The Bank of Thailand viewed the weak economic data as expected, but Prime Minister
   Srettha Thavisin called for a cut in interest rates to alleviate public hardship.
 * The current interest rate in Thailand is 2.50%, the highest in a decade, prompting
   calls for a 25 basis points reduction by the Prime Minister.

## Prime Minister Pushes for Special MPC Meeting

Prime Minister Srettha Thavisin has urged the Monetary Policy Committee (MPC) to
call a special meeting to review its decision to maintain the policy rate at 2.5%,
without waiting until its next scheduled meeting on April 10. His appeal comes after
the release of economic performance figures by the National Economic and Social 
Development Council (NESDC), which indicate a critical stage for the Thai economy.

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## PM Calls for Policy Rate Cut

During a media briefing following the NESDC report, Prime Minister Thavisin emphasized
the need for a policy rate cut of at least 25 basis points to 2.25%, in order to
ease the financial burden on the population. He highlighted Thailand’s below-average
GDP growth and the downward revision of GDP by economic forecasting institutions
to support his position.

## NESDC Secretary-General’s Response

NESDC Secretary-General Danucha Pichayanan, responding to the Prime Minister’s appeal,
stated that he was not under pressure to urge a policy rate review. He believes 
that the central bank should consider other financial issues in addition to the 
policy rate, including credit card interest rates and spreads between lending and
deposit rates.

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