Connect with us

Economics

Bank of Thailand raises interest rates for second consecutive month

BANGKOK, Aug 25 – The Bank of Thailand (BoT) on Wednesday raised its policy interest rate by 25 basis points to 1.75 per cent after a quarter percentage point increase last month.

Aishwarya Gupta

Published

on

The Bank of Thailand (BoT) on Wednesday raised its policy interest rate by 25 basis points to 1.75 per cent after a quarter percentage point increase last month.

Loading...

Read more from the original source:

Bank of Thailand raises interest rates for 2nd consecutive month

Monetary Policy Committee’s Decision on 25 August 2010 Mr. Paiboon Kittisrikangwan, Assistant Governor, Bank of Thailand, announces the outcome of the Monetary Policy Committee (MPC) meeting today, as follows. The global economy continued to recover during the first half of the year, even though the pace of growth for the rest of the year for the US and Japan is expected to decelerate. The European economies have improved, but fragility remains from sovereign debt problem in some economies. Meanwhile, Asian economies continue to grow robustly.

The Thai economy expanded faster than expected in the second quarter, despite decelerating somewhat from the first quarter due to domestic political situation. Private consumption continues to grow favourably, while the tourism industry has shown clearer signs of a speedy recovery. Manufacturing production and capacity utilization have risen, which should lend support to private investment in the periods ahead. Exports have been growing in tandem with global economic recovery, although the pace of growth is expected to slow down in the second half of the year. Inflationary pressure remains low at present, but is expected to rise in 2011 in line with economic expansion and rising costs of production.

There is a small possibility that core inflation could rise above the upper band of the target range. The MPC therefore decided to raise the policy interest rate by 0.25 per cent per annum, from 1.50 to 1.75 per cent per annum, effective immediately.

Demand from businesses have increased rapidly over the years in Thailand

Recent crashes in Thailand’s GDP and export markets, plus the drop in tourism fuelled by recession and last year’s domestic political turmoil, have dispelled illusions that the country is insulated from the effects of the global downturn. Numerous indicators of economic health are hitting the red, foreign investment is evaporating, unemployment is surging, and credit lines are freezing up. Thailand’s government still says there is a possibility of positive growth this year, despite facing a rougher ride than in the 1997 Asian financial crisis as conditions infest the real economy on a broader scale.

Economics

Thai fruit exports to FTA markets up 107 percent

China, Malaysia, Singapore, Indonesia, the Philippines, Hong Kong, Australia and Chile are top importers of Thai fruits, especially fresh durian, mangosteen, longan and mango. Thai exporters are able to benefit from FTA privileges.

National News Bureau of Thailand

Published

on

BANGKOK (NNT) – Thailand’s fruit exports continue to increase, despite the sluggish global economy caused by the COVID-19 pandemic, with key trade partners being countries that have free trade agreements (FTAs) with the kingdom.

Loading...
(more…)

Continue Reading

Economics

The Future of Asia: greener but with a public and private debt hangover

The COVID-19 pandemic has been a perfect storm, destroying jobs, worsening poverty and inequality, and creating a public and private debt problem—especially for countries and firms already in fragile financial health beforehand

Avatar

Published

on

The Sydney Opera resumed live performances and the city of Melbourne recently hosted the Australian Open tennis tournament with fans (mostly) in attendance.

Loading...
(more…)

Continue Reading

Economics

50:50 campaign may not get immediate extension

National News Bureau of Thailand

Published

on

logomain

Loading...

BANGKOK (NNT) – The government’s 50:50 co-pay campaign expiring on 31st March may not be getting an immediate campaign extension. The Minister of Finance says campaign evaluation is needed to improve future campaigns.

The Minister of Finance Arkhom Termpittayapaisith today announced the government may not be able to reach a conclusion on the extension of the 50:50 co-pay campaign in time for the current 31st March campaign end date, as evaluations are needed to better improve the campaign.

Originally introduced last year, the 50:50 campaign is a financial aid campaign for people impacted by the COVID-19 pandemic, in which the government subsidizes up to half the price of purchases at participating stores, with a daily cap on the subsidy amount of 150 baht, and a 3,500 baht per person subsidy limit over the entire campaign.

The campaign has already been extended once, with the current end date set for 31st March.

The Finance Minister said that payout campaigns for the general public are still valid in this period, allowing time for the 50:50 campaign to be assessed, and to address reports of fraud at some participating stores.

The Fiscal Police Office Director General and the Ministry of Finance Spokesperson Kulaya Tantitemit, said today that a bigger quota could be offered in Phase 3 of the 50:50 campaign beyond the 15 million people enrolled in the first two phases, while existing participants will need to confirm their identity if they want to participate in Phase 3, without the need to fill out the registration form.

Mrs Kulaya said the campaign will still be funded by emergency loan credit allocated for pandemic compensation, which still has about 200 billion baht available as of today.

Source link

Continue Reading

Most Viewed

Subscribe via Email

Enter your email address to subscribe and receive notifications of new posts by email.

Join 13,980 other subscribers

Latest

Trending