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Business & Economics News

Central Bank of Thailand to wait before hiking rates

According to strategists, Thailand’s Central Bank can afford most likely to hold benchmark interest rates, but it is still facing pressure to increase their lending rate to higher than 1.5% which is one of the lowest percentages ever recorded.

The economy of Thailand now tastes its growth of 4.6% last year that surpassed the forecast that was then estimated to be around 4.5% but took the country slowly to reach. Along with having full employment and as high as 4.5% GDP growth year-on-year will be most likely to be a rate-hike for Thailand’s Central Bank.

Governor Veerathai Santiprabhob and Finance Minister Apisak Tantivorawong stated that raising the rates will be in no rush, and has said that Inflation in Thailand went back to its official 1-4% target range and has estimated that it will stay on the “lower bound”.

Just this year the Central Bank of Thailand posted ”teasers” about them making digital currency following the need for faster transactions across banking networks which was addressed by Governor Veerathai. The digital currency is called the Central Bank Digital Currency (CBDC) and is being developed by New York blockchain firm R3.

The central bank of Thailand is now meeting up for the decision on the policy for the upcoming rate-hike.

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