interest rate
- 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…
- Thailand News
PM Srettha discusses interest rate cuts with bank chiefs
Prime Minister Srettha Thavasin convened a meeting with top executives from four major banks to discuss potential interest rate reductions aimed at aiding vulnerable groups within the country. The discussions took place at the Government House at 9am today just before the weekly Cabinet meeting. PM Srettha, who also serves as Finance Minister, sought cooperation from the leaders of both…
- 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
Bank of Thailand faces political pressure to cut interest rates
The Bank of Thailand (BoT) is under increased political tension to reduce interest rates, with the majority of analysts predicting that the monetary authority will withstand requests for unexpected easing to bolster the economy. This escalating discord between Prime Minister Srettha Thavisin and the central bank concerning monetary policy direction is predicted to damage investor confidence, though the likelihood of…
- 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…
- Business News
Chamber of Thailand calls for cut in interest rates to boost recovery
The Thai Chamber of Commerce (TCC) expressed its expectations for the Bank of Thailand to consider a reduction in interest rates in its forthcoming meeting. The TCC argues that although the economy is on a recovery trajectory, it remains susceptible to various challenges. Sanan Angubolkul, the chairman of the chamber, acknowledged the decisions made by the Monetary Policy Committee (MPC)…
- 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…
- Business News
Pressure mounts on Bank of Thailand to reduce high interest rates
Thailand Deputy Finance Minister Julapun Amornvivat expressed concern that the country’s current interest rates are excessively high, putting strain on citizens’ disposable income and stunting the nation’s economic growth. This stance encourages the Bank of Thailand to reconsider its monetary policies. “The Thai people’s spending power is in jeopardy due to these high rates. I hope the Bank of Thailand…
- 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…
- Business News
Thai institutional investors foresee policy interest rate cut in 2024
The Association of Investment Management Companies (AIMC) disclosed that institutional investors anticipate Thailand’s policy interest rate to reduce by 0.25% to 2.25% this year. Investors are encouraged to take a heavyweight stance on fixed-income assets. Chavinda Hanratanakool, AIMC chairwoman, conveyed the results of a survey conducted amongst institutional investors. The survey explored their views on economic conditions and interest rate…
- Business News
JSCCIB urges BoT to cut high interest rates amid economic threats
As the economy grapples with internal and external threats, the Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) called on the Bank of Thailand (BoT) to reduce interest rates. The high interest rates are causing a surge in borrowing costs, amidst a volatile recovery due to the global economic downturn. These views were expressed by Sanan Angubolkul, chairman of…
- Business News
Thai PM and central bank clash over interest rates amid low inflation
The clash between Prime Minister Srettha Thavisin, who also holds the Finance Minister portfolio, and the Bank of Thailand (BoT) intensified. The prime minister has been vocal about his belief that the central bank should lower its interest rates as inflation rates have decreased. On a social media platform, PM Srettha blamed the BoT for causing harm to the economy…
- Business News
Caution advised over interest rate cuts by Bank of Thailand
Pundits cautioned against hasty moves to cut interest rates and have emphasised the importance of an independent Bank of Thailand as it determines its policy interest rates. They warned that inconsistent fiscal and monetary policies could harm more than they help. Therdsak Thaveeteeratham, Asia Plus Securities (ASPS) executive vice president, insisted that decisions regarding interest rates should be the sole…
- Business News
Bank of Thailand forecasted to initiate rate cuts later this year
Leading economists anticipate that the Bank of Thailand will initiate rate cuts in the second half of this year, potentially reducing the policy rate to 2%. This prediction aligns with the current economic status of the country and the assumption of an impending rate cut by the US Federal Reserve in the second quarter. Amonthep Chawla, the chief economist at…
- Thailand News
Thai PM challenges central bank over interest rate hikes
Thailand Prime Minister Srettha Thavisin, who also holds the position of Minister of Finance, openly expressed his discontent with the Bank of Thailand’s decision to increase interest rates amidst a period of prolonged negative inflation. This move, according to the Thai prime minister, is detrimental to the nation’s economic well-being and disproportionately affects those on lower incomes and small to…
- Thailand News
Overwhelmed businesswoman registers for Thai government’s debt relief scheme
A businesswoman, burdened with an overwhelming debt, registered for an out-of-system debt relief scheme. She owes money to 14 lenders and faces the daily challenge of finding more than 7,000 baht for interest payments at a rate of 20%. This move comes after the government, under Prime Minister Srettha Thavisin, has been focusing on resolving out-of-system debt issues for citizens…
- Business News
Thailand banks break the ice: Freezing loan rates to thaw financial stress
Thailand’s state-run banks have taken a bold step to counteract high interest rates by freezing their loan rates. This move has been initiated to assist low-income earners and small to medium-sized enterprises (SMEs), as disclosed by Vitai Ratanakorn, who holds dual roles as president and chief executive of the Government Savings Bank (GSB). The GSB, which currently services six million loan…
- Business News
Thai stocks fall 1.3% amid fears of high interest rates impact
Share prices experienced a surge on Friday, reversing earlier downtrends and Wall Street’s sell-off, as traders weighed the implications of further interest rate hikes by central banks grappling with inflationary pressures. Thai stocks fluctuated between 1,503.23 and 1,539.40 points before ending yesterday at 1,522.59, marking a 1.3% fall from the previous week, with daily transactions averaging 52.06 billion baht. Retail…
- Business News
Fed’s high interest rates outlook spooks Thai stock market investors
The hawkish stance of the Federal Reserve on maintaining “higher for longer” interest rates is projected to keep the Thai stock market in bearish territory. This comes as elevated rates pose a threat to global economic recovery, leading to consistent fund outflows from the Stock Exchange of Thailand (SET). Despite the expected decision by the US central bank to retain…
- World News
US Federal Reserve poised to raise interest rates for inflation control
The chairman of the US Federal Reserve, Jerome Powell, announced last Friday that they are prepared to increase interest rates further if needed. The central bank aims to maintain high rates until inflation approaches its 2% target. Powell highlighted that despite the recent decline of inflation from its peak, it remains excessively high. In his address to the annual symposium of…
- Business News
Bank of Thailand forecasts final interest rate hike amid inflation uncertainty
The Bank of Thailand (BoT) aims to cap its series of interest rate increases with a final 25-basis-point hike slated for August 2, due to an ongoing high and uncertain inflation outlook. This insight has been gathered from a poll conducted recently. After June’s annual headline inflation eased down to 0.23%, falling below the BoT’s target range of 1%-3%, it…
- Economy News
Economic predicament: Ipsos Study reveals Thai citizens’ fears of surging inflation
A feeling of despondency is evident among the population of Thailand as an Ipsos study revealed concerns over increasing inflation and interest rates. The research, which comprised of responses gathered from a substantial 6,000 persons, displays a disconcerting economic predicament, with more than half of the respondents predicting an inflation upswing within the next 12 months. The study was headed by…
