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Thai central bank holds key rate at 2.50%

Thai central bank holds key rate at 2.50%

FILE PHOTO: The skyline with Chao Phraya River is photographed during sunset in Bangkok, Thailand, June 2, 2021. REUTERS/Athit Perawongmetha/File Photo

BANGKOK: Thailand's central bank left its key interest rate unchanged for a fourth straight meeting on Wednesday (Jun 12), as widely expected, despite repeated calls by the government to lower borrowing costs to help revive Southeast Asia's second-largest economy.

The Bank of Thailand's (BOT) monetary policy committee voted 6-1 to hold the one-day repurchase rate at 2.50 per cent, the highest in more than a decade.

All but three of 27 economists in a Reuters poll had expected the BOT to keep the rate unchanged this week.

Three economists had predicted a quarter-point cut. The government has repeatedly called for a rate cut to revive the Thai economy, which has lagged regional peers.

Among the 26 economists who provided a rates outlook until the end of 2024, 15 saw them at 2.25 per cent or lower by the year's end, while 11 predicted them to remain steady at 2.50 per cent.

Source: Reuters
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