Thai interest rate unchanged but central bank cuts GDP outlook Bank of Thailand trims 2021 growth forecast to 3.2% due to sluggish tourism BANGKOK (Reuters) — Thailand’s central bank left its key interest rate unchanged at a record low on Wednesday but downgraded its 2021 economic outlook as the tourism-reliant country deals with a fresh…
Bank of Thailand takes action to curb Thai baht’s strength The Bank of Thailand has moved forward measures, originally meant to begin early 2021, but most of which will now take effect from end of this month. The end result is that the new rules will make it easier for Thais to shuffle money overseas…
BoT sees slower recovery in 2021 Thailand’s economic recovery is expected to take longer than previously anticipated, mainly due to the drastic decline in foreign tourist numbers, says the Bank of Thailand. The central bank slashed its GDP growth forecast for 2021 from 5% to 3.6% as the pandemic continues to hamper international travel. The…
UPDATE 2-Thai c.bank avoids further stimulus, upgrades 2020 GDP forecast * Committee votes unanimously to hold rates at record low of 0.50% * 2020 GDP forecast raised to -7.8% versus -8.1% in June * 2020 exports to fall 8.2% versus -10.3% seen earlier * Further rate cuts unlikely, economists say (Adds details, analysts’ comments) BANGKOK,…
Thai economy likely to continue shrinking until Q1 2021 – RHB Research By Linda Khoo Hui Li BANGKOK, Sept 17 – Thailand’s economy is likely to stay in contraction until the first quarter of 2021, said RHB Research Institute Sdn Bhd. In a note today, the research house said the country’s economic activities were starting to…
Thailand creates new economic centre to recover COVID-19-hit economy The Thai cabinet on August 13 agreed to establish a centre to address the economic situation heavily battered by the COVID-19 outbreak. Bangkok (VNA) – The Thai cabinet on August 13 agreed to establish a centre to address the economic situation heavily battered by the COVID-19 outbreak. The economic…
Central bank mulls severing baht’s gold link to weaken gains Thailand’s central Bank is mulling breaking the baht’s link to gold as a way to weaken it without being labelled a currency manipulator by Washington. According to US Census Bureau data, Thailand’s trade surplus surpassed US$20 billion in the 12 months up to the end…
Economics hotshot named new central bank governor A Government House source said the Cabinet on Wednesday (July 29) approved prime minister’s adviser Sethaput Suthiwart-Narueput as the new Bank of Thailand (BOT) governor. The term of the current central bank governor, Veerathai Santiprabhob, ends on September 30. Sethaput was nominated by a selection committee and handed over…
BOT predicts 5.3% contraction in Thai economy for 2020 Even the Thai economy, which was still maintaining respectable growth before January, is now spluttering under the siege of the Covid-19 virus. Now the Bank of Thailand has crunched some numbers and believes the Thai economy will sharply contract by 5.3% this year as the virus…
BoT says Thailand’s economy to shrink by 5.3 per cent in 2020 The Covid-19 crisis could throw Thailand into a deep recession next year according to the central bank’s latest data release. Due to the coronavirus (COVID-19) outbreak, the Thai economy would contract significantly in 2020 and headline inflation would become negative, said the Bank…