Finance Minister presses MPC to reduce interest rate

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BANGKOK, May 27 – Deputy Prime Minister/Finance Minister Kittiratt Na-Ranong today renewed pressure on the Monetary Policy Committee (MPC) to reduce the policy interest rate to show its concern for the country’s economy.

He proposed the MPC reduce the interest rate, currently at 2.75 per cent, by 0.5 per cent, saying the MPC’s inaction on the issue would be tantamount to its indifference to the economic situation.

The MPC is scheduled to meet Wednesday.

“Managing the national economic policy is not a joke as it can ruin the economy. Every quarter must be in charge, especially the exchange rate, so that it doesn’t affect exporters who are vital to economic growth,” said Mr Kittiratt.

He said Prime Minister Yingluck Shinawatra has invited the Finance Ministry, Fiscal Policy Office, Bank of Thailand (BoT) and National Economic and Social Development Board (NESDB) to the cabinet meeting tomorrow to give their reports on the country’s economy.

He blamed the BoT and NESDB for their verbal exchanges on the country’s economic updates after the NESDB reported a gross domestic product growth at only 5.3 per cent in Q1.

They should honour each other as they have different methods on their calculations, he said