Central Bank of Thailand: Policy rate cuts to record low of 0.5% at 20:21 on May 20
The central bank of Thailand decided to lower the policy rate to a record low of 0.5% to support the economy, saying that the global spread of the new coronavirus has seriously affected the tourism industry and the export industry. It was.
The central bank of Thailand held a monetary policy meeting on the 20th and decided to lower the policy rate from 0.75% to 0.5% to support the economy.
The policy rate cut will be the lowest level since March, as we have held an emergency meeting.
The central bank of Thailand has been hit hard by the unexpected slowdown of the global economy due to the new coronavirus in Thailand's tourism and export industries as to the reason for the rate cut, while personal consumption has increased unemployment and infection. It states that the economy is sluggish due to restrictions on economic activities for prevention.
An executive of the Central Bank of Thailand said in a press conference, "This year's Thai economy will be affected by the global recession much more seriously than expected," and warned.
The Thai government also predicts that the outlook for the economic growth rate will fall from a negative 5% to 6%, which is a low level since 1998, which was affected by the Asian currency crisis. The impact is likely to spread to more than 5400 Japanese companies that are operating.