Connect with us
CGIF-10th-Year-Anniversary

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.

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.

Comments

Economics

96% of Foreign Investors still confident in Thailand says BOI

The Board of Investment of Thailand’s (BOI) latest survey, shows most foreign investors, estimated at 96%, are still confident in the country, and are willing to bring forward their investments.

National News Bureau of Thailand

Published

on

BANGKOK (NNT) – With the COVID-10 pandemic causing significant disruption around the world including in Thailand, the Board of Investment of Thailand’s (BOI) latest survey, shows most foreign investors, estimated at 96%, are still confident in the country, and are willing to bring forward their investments.

(more…)
Continue Reading

Economics

Thailand Tops Bloomberg’s Emerging Markets List

Bloomberg surveys show that analysts are penciling in high rates of growth next year for some of those that have been hardest-hit in 2020.

Boris Sullivan

Published

on

Thailand and Russia are well placed to be among the emerging-market standouts that could beat expectations next year, according to a Bloomberg study of 17 developing markets gauging their outlook for 2021.

(more…)
Continue Reading

Economics

COVID-19 pandemic wiped out 81 million jobs in Asia-Pacific countries

Some 81 million jobs lost as COVID-19 creates turmoil in Asia-Pacific labour markets, according to ILO report.

Boris Sullivan

Published

on

Drops in working hours due to the Covid-19 crisis have had a devastating effect on jobs and incomes in Asia and the Pacific according to a new report by the International Labour Organization (ILO).

(more…)
Continue Reading
Advertisement

Latest

Most Viewed

Subscribe via Email

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

Join 13,413 other subscribers

Trending