BANGKOK: Thailand’s central bank left its benchmark interest rate steady at a record low on Wednesday, as expected, after cutting it twice this year, but again lowered its growth forecasts for this year and next due to heightened external risks.
The Bank of Thailand’s (BOT) monetary policy committee voted unanimously to keep the one-day repurchase rate at 1.25%, a level last seen during the global financial crisis.
Last month, the committee cut the rate by 25 basis points after surprisingly reducing it by the same amount in August, the first easing since 2015.
In a Reuters poll, all 16 economists predicted no policy change.
The BOT now predicts 2019 economic growth of 2.5%, rather than the 2.8% seen three months ago. It expects exports to contract 3.3%, rather than decline 1% as estimated earlier.
For 2020, growth was forecast at 2.8%, compared with 3.3% predicted previously, while exports were estimated to grow 0.5%, rather than rise 1.7%.
In 2018, Southeast Asia’s second-largest economy expanded 4.1%, the most in six years. -Reuters
source https://www.thesundaily.my/business/thai-central-bank-holds-policy-rate-cuts-growth-forecasts-XG1800563
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