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Financial News: Thai Central Bank Keeps Rates Unchanged At Record

Thai Central Bank Keeps Rates Unchanged At Record Low

06/24/2020 - 06:17:00 (RTTNews)

(RTTNews) - Thailand's central bank retained its interest rate at a record low on Wednesday, after lowering it by a quarter-point last month.

The Monetary Policy Committee of Bank of Thailand unanimously voted to retain the interest rate at 0.50 percent. The bank had reduced the rate by 25 basis points in May.

Policymakers assessed that the economy would shrink more than previously estimated this year due to the impact of the covid-19 outbreak. Nonetheless, the economy would gradually recover in the second half of the year.

The MPC observed that the economy required additional supply-side policies to support the changing economic structure.

Inflation is forecast to be more negative this year than the previous projection. Nonetheless, headline inflation would rise toward the target with gradually rising crude oil prices.

Further, policymakers expressed concerns over the strengthening of the Thai baht against the US Dollar as it could affect the economic recovery.

Further, the MPC vowed to use additional appropriate monetary policy tools if necessary.

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