The Bank of Thailand (BOT) cuts the policy interest rate to the record low 0.50 percent to alleviate the impacts of COVID-19.
Titanun Mallikamas, Secretary of the central bank’s Monetary Policy Committee (MPC), announced that the Committee members voted 4 to 3 to cut the policy rate by 0.25 percentage point effective immediately.
The MPC assessed that the Thai economy would contract this year more than the previous assessment due to the global pandemic, he said.
The majority of the members viewed that more accommodative monetary policy would alleviate the negative impacts. Three members voted to maintain the policy rate and expedite existing measures, he said.
Titanun said the MPC would monitor risks arising from the COVID-19 outbreak in deliberating monetary policy and stand ready to use additional appropriate monetary policy tools. (TNA)