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Financial News: Thai Central Bank Keeps Rate Unchanged

Thai Central Bank Keeps Rate Unchanged

11/10/2021 - 06:54:00 (RTTNews)

(RTTNews) - Thailand's central bank left its key interest rate unchanged on Wednesday as the economy is expected to rebound at the end of the year amid temporarily high inflation.

At the Monetary Policy Committee meeting of the Bank of Thailand, policymakers unanimously voted to hold the key rate at 0.50 percent.

The bank had last reduced the rate by 25 basis points in May 2020.

The MPC viewed that the economy had bottomed out in the third quarter of 2021 and entered the recovery phase following the relaxation of containment measures and the re-opening of the country.

The fragile economic recovery outlook would still be subject to uncertainties, the bank noted. Thus, policymakers assessed that there remained a need to monitor the outbreak situation following the re-opening of the country, the momentum of fiscal support, and the pass-through of global energy prices, as these factors would affect the economic recovery going forward.

Although headline inflation would increase temporarily owing to supply-side factors, particularly the energy prices which would likely decline by early next year, headline inflation would remain within the target, the bank observed. The central bank has little to worry about on the inflation front, Gareth Leather, an economist at Capital Economics, said. The poor outlook for the economy means rates are likely to remain low for some considerable time.

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