interest rate
- Thailand News
Bangkok pawnshops cut interest rates by 20% for new year
Bangkok pawnshops have announced a special initiative to reduce interest rates by 20% for all loans, offering this as a new year gift to alleviate financial burdens for residents. The programme aims to spread happiness and ease expenses for citizens during the festive season. Chanathip L. Virapark, Director of the Pawnshops Office, revealed the initiative following a policy set by…
- Business News
Thailand urged to cut interest rates amid low inflation concerns
Finance Minister Pichai Chunhavachira has reiterated his call for a reduction in Thailand’s policy interest rate to boost inflation. He urged the Monetary Policy Committee (MPC) to announce another rate cut, citing the current low inflation rate as a driving factor. The Finance Ministry continues to provide economic data and engage in discussions with the Bank of Thailand, although the…
- Business News
Fed on the brink: Rate cut looms as US plays interest-ing game
Anticipation is reaching fever pitch as the US Federal Reserve gears up for a crucial meeting, with punters betting on a 25 basis point interest rate cut. Slated for December 18, this decision could have ripple effects all the way to Thailand, where the Bank of Thailand might follow suit in the coming months. The Federal Open Market Committee (FOMC)…
- Business News
Thailand cuts interest rate to boost economic recovery
Thailand’s central bank has strategically positioned its policy interest rate to counter economic challenges as financial conditions tighten and recovery remains uneven. Minutes from the October 16 meeting of the Bank of Thailand (BoT) revealed that the Monetary Policy Committee (MPC) made an unexpected decision to lower the one-day repurchase rate by 25 basis points to 2.25%, marking the first…
- Thailand News
Interest peaked: Thailand banks on MPK rate cut to boost economy
The Government of Thailand believes the recent reduction in the policy interest rate by the Monetary Policy Committee (MPC) will positively impact the economy. Deputy Prime Minister and Finance Minister Pichai Chunhavichir stated that the decrease was anticipated and would help alleviate financial burdens. Yesterday, October 16, at 9.30am, Pichai addressed the media at the Government House regarding the MPC’s…
- Thailand News
Bank of Thailand slashes interest rates after four-year freeze
The Bank of Thailand (BoT) has stunned financial markets by slashing its key interest rate for the first time in four years, buckling under mounting pressure from the government to revive the sluggish economy. The unexpected move saw the one-day repurchase rate trimmed by 25 basis points, bringing it down to 2.25% from its 10-year high of 2.50%. This decision…
- Business News
Thailand eyes higher inflation target to push for rate cut
Sources familiar with the discussions have revealed that Thailand’s Finance Ministry plans to propose an increased inflation target of 1.5% to 3.5% for the coming year. This move is likely to exert additional pressure on the central bank to lower its key interest rate. Talks between the Finance Ministry and the Bank of Thailand (BoT) to finalise this new price…
- Business News
Finance minister prioritises funding access over rate cuts
Finance Minister Pichai Chunhavajira affirmed the significance of access to funding sources over lowering interest rates. Following discussions with Bank of Thailand Governor Sethaput Suthiwartnarueput, Pichai underscored that interest rate policy remains under the purview of the central bank’s Monetary Policy Committee (MPC), which is set to convene on October 16. Describing the talks as comprehensive, Pichai highlighted various factors…
- Business News
Commerce minister plea: Time to cut the baht and boost the rates
Commerce Minister Pichai Naripthaphan called on the Bank of Thailand (BoT) to slash interest rates and stabilise the baht in a bid to boost exports and prop up GDP. In a policy statement issued today, Pichai slammed the current strength of the baht, which he claims is hitting exports hard. With export growth expected to be sluggish this year, he’s…
- Business News
Gold prices hit record US$2,531 amid interest rate cut speculation
Gold prices continue their upward trajectory, reaching a new record high of US$2,531 per ounce yesterday. Investors are closely monitoring signals from the Federal Reserve regarding potential interest rate cuts at its September meeting. Gold brokers attribute the increase to the asset’s status as a safe haven amid ongoing tensions in the Middle East and the Russia-Ukraine conflict. Tanarat Pasawongse,…
- Business News
Thai baht rally faces threats amid political drama and bank policy
Thailand’s recent baht rally faces a rocky road as the country dives into political chaos just before the central bank’s policy meeting this week. Since July, the baht has been a star performer, climbing up the ranks as tourism bounced back from a near two-year low against the US dollar in May. But this impressive upswing could be at risk…
- Business News
Bank of Thailand to hold rate at 2.5% amid rising inflation
The Bank of Thailand is expected to maintain the policy rate at 2.5% during its upcoming meeting, influenced by the gradual rise in inflation back to the target range. Economists are advocating for additional government stimulus measures, alongside the digital wallet scheme, to boost the sluggish economy. Headline inflation increased to 0.8% last month, surpassing the consensus forecast of 0.7%…
- Business News
Finance Minister, Central Bank Chief to discuss interest rates
A crucial meeting is scheduled tomorrow between Finance Minister Pichai Chunhavajira and Bank of Thailand Governor Sethaput Suthiwartnarueput to address the prevailing contention over interest rates. The government, under Prime Minister Srettha Thavisin’s directive, has been advocating for a rate reduction to stimulate the economy. In contrast, the central bank has maintained its key rate at the highest in ten…
- Business News
Bitcoin price falls due to Fed’s interest rate decision
The price of Bitcoin plummeted to a two-month low, coming in at approximately US$57,000. This followed comments by the Federal Reserve chairman, Jerome Powell, suggesting that interest rates would remain high for an extended period to combat persistent inflation. This popular cryptocurrency has seen a decrease of more than 4% over the past two days. This comes after a near…
- Business News
Thailand’s central bank defends policy rates amidst govt pressure
Amidst persistent governmental pressure to decrease borrowing costs and stimulate slow-paced growth, Thailand’s central bank (BoT) defended its current policy interest rate settings today, stating they are resilient and capable of tackling future economic risks. The bank warned that although rate reductions could alleviate debt in the short term, they could also invite long-term hazards. By maintaining a steady rate…
- Business News
BoT may adjust policy due to economic changes and challenges
The Bank of Thailand (BoT) may revise its monetary policy if economic changes in the landscape and structural challenges significantly lower its long-term potential growth, disclosed BoT Deputy Governor Alisara Mahasandana. This follows governmental pressure on the central bank to decrease interest rates. Alisara, speaking from the International Monetary Fund (IMF) and World Bank Spring Meetings in Washington, highlighted that…
- Business News
Thai economy falters as high interest rates impact major sectors
The Thai economy has taken a hit, with government revenue collections falling short of the target. Lavaron Sangsnit, the permanent finance secretary, attributed the shortfall to high interest rates, which have significantly reduced the purchasing power of consumers, impacting major sectors such as automobiles and real estate. Consumers, particularly those interested in purchasing cars or homes, have found their ability…
- Business News
Household debt surge impacts property and auto sectors
The accumulated domestic debt and non-performing loans (NPLs), coupled with stagnant buying power, have continued to suppress domestic consumption since the previous year, with the property and automotive sectors suffering the most significant blow. This is reflected in the high rate of home loan refusals and car repossessions. The numerous interest rate increases last year exacerbated the financing issues, with…
- Thailand News
Chinese man discovers forgotten bank deposit of 1.5 million baht
A 70 year old Chinese man recently discovered a long-forgotten bank deposit of 1.5 million baht, originally made 20 years ago, that had accumulated a significant amount of interest. Managing personal finances varies from person to person but it’s critical to remember where your savings are deposited. A 70 year old man from China received a phone call from his…
- Business News
Thailand gov urges bank to cut interest rate amid economic crisis
The ongoing feud between Prime Minister Srettha Thavisin and Bank of Thailand Governor Sethaput Suthiwartnarueput regarding interest rates remains the focus of media attention. Meetings of the Monetary Policy Committee (MPC) have been closely watched as elements of the government and business sector believe the central bank needs to reduce the policy rate. The MPC is set to meet six…
- Business News
PM Srettha urges bank of Thailand to consider interest rate cut
Prime Minister Srettha Thavisin expressed his concerns to the Bank of Thailand’s (BoT) Monetary Policy Committee (MPC), suggesting an urgent meeting to discuss a potential cut in interest rates, rather than waiting until the scheduled April meeting. Following a recent Cabinet meeting, PM Srettha clarified that he hadn’t imposed any pressure on the secretary-general of the National Economic and Social…
- Business News
Thailand PM calls for cut in interest rates amid economic crisis
The Prime Minister and Finance Minister of Thailand, Srettha Thavisin, urgently called upon the Bank of Thailand (BoT) to organise an unscheduled meeting of its Monetary Policy Committee (MPC). The objective of this meeting is to consider a cut in interest rates, as recent data suggests that the nation’s economy is in crisis. PM Srettha’s plea for this urgent meeting…
- Business News
TBA urges integration of informal economy for digital growth
The Thai Bankers’ Association (TBA) has advocated for integrating the informal economy into the national economic framework to enhance transparency and bolster the country’s digital economy. The recovery index of Thailand’s GDP post-pandemic in 2023 was marked at 110, underperforming the worldwide average of 80, according to the TBA. A higher score on this index indicates a lengthier recovery period.…
- Business News
Baht falls to three-month low as US inflation delays rate cut
The Thai currency hit a three-month low against the US dollar yesterday, February 14, slipping below 36 to the dollar. This was attributed to higher-than-anticipated US inflation, which led the market to predict a delay in the Federal Reserve’s first interest rate cut, initially expected in May. Quoting Kasikorn Research Centre, the baht was valued at a low of 36.13 against…
- Thailand News
Thai prime minister pressures Bank of Thailand for rate cut
The Bank of Thailand (BoT) is under increasing strain today as Prime Minister Srettha Thavisin publicly urges a 25 basis point reduction in rates. The demand is part of a continued push from the government for the BoT to decrease interest rates, a tactic it views as crucial for stimulating an economy it believes to be struggling. The government also…
- Business News
Thai government and central bank clash over interest rates
The ongoing discord between government officials and central bankers regarding interest rate adjustments is creating uncertainty for local banks and could potentially trigger further foreign investor withdrawals. Thailand Prime Minister Srettha Thavisin, along with key advisors, is advocating for a reduction in rates by the Bank of Thailand (BoT) to stimulate an economy the Thai PM describes as being in…
- Business News
Thai government seeks interest rate cut as household debt fuels recession
Thailand’s economy is currently grappling with a recession triggered by soaring household debt, as reported by the Deputy Finance Minister, Julapun Amornvivat, today. This intensified the call for the central bank to reduce interest rates. Julapun also expressed the government’s commitment to the 500 billion baht distribution plan, which aims to allocate 10,000 baht per person to 50 million Thai…
- Thailand News
Thailand eyes foreign bonds to set private sector rates
Thailand’s Ministry of Finance is poised to issue foreign currency bonds for the first time in 20 years, a move that is not aimed at fundraising but at establishing a benchmark interest rate for the private sector. The announcement was made by Julapun Amornvivat, Deputy Minister of Finance, who stated that the Public Debt Management Office (PDMO) has been tasked…
- Thailand News
Loan shark takedown: Cyber cops sink teeth into predatory lending racket with jaw-dropping rates
Cyber Crime Investigation Bureau (CCIB) police successfully dismantled a predatory lending scheme run by an unscrupulous loan shark who charged exorbitant interest rates of 50% and coerced borrowers into extreme measures to repay their debts. The operation, which took place today, was led by the head of the CCIB, along with his team, who executed a search warrant in Trang…
- Business News
Thai SMEs threatened by proposed minimum wage hike and high loan rates
The Federation of Thai Industries (FTI) warned that small and medium-sized enterprises (SMEs) could be significantly affected by the proposed daily minimum wage hike and high loan interest rates. This comes as the government persists in its efforts to increase wages. Towards the end of 2023, a resolution was reached by the tripartite wage committee, composed of representatives from the…
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