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Markets

Thai central bank holds key rate at record low amid COVID-19 surge

  • All 18 economists in a Reuters poll had expected the BOT to be on hold after three rate reductions in 2020 to ease the impacts of the pandemic
Published August 4, 2021

BANGKOK: Thailand's central bank left its key interest rate unchanged at a record low on Wednesday, as widely expected, to support the economy as the Southeast Asian country struggles with its biggest wave of COVID-19 infections to date.

The Bank of Thailand's (BOT) monetary policy committee voted 4-2 to hold the one-day repurchase rate at 0.50% for a 10th straight meeting.

Thailand central bank says it intervened to reduce baht volatility

All 18 economists in a Reuters poll had expected the BOT to be on hold after three rate reductions in 2020 to ease the impacts of the pandemic.

The BOT said there were significant downside risks to the economic growth outlook, and said fiscal measures would be more helpful than cutting its key rate.

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