Economic news

Thai central bank ready to cut rates if private consumption falls sharply

2024.02.07 23:19


© Reuters. FILE PHOTO: The Bank of Thailand brand is pictured in Bangkok, Thailand, August 5, 2016. Picture taken August 5, 2016.REUTERS/Chaiwat Subprasom/File Photo

BANGKOK (Reuters) – The Bank of Thailand (BOT) is ready to cut rates if consumption falls sharply, a senior official stated on Thursday, a day after it saved financial coverage unchanged amid strain from the federal government to ease.

“If we look at the numbers and private consumption falls sharply and there is a clear change – that is an important factor in considering key rates,” BOT Senior Director Sakkapop Panyanukul advised a neighborhood tv programme.

Cutting rates would have a long-term unfavorable influence and would solely have restricted advantages to debtors, he stated.

“Any cuts would be small,” he stated.

The financial coverage committee on Wednesday voted to maintain key rates at 2.50%.

Prime Minister Srettha Thavisin has repeatedly urged the central bank to ease financial coverage, saying small companies and debtors are struggling at decade-high curiosity rates.

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