Thai rate cut needed to avert 'disaster'

[reader]

NOTE -- A rate cut should translate to a lower baht

From Reuters / Bangkok Post

Interest rates in Thailand should be cut quickly and sharply to help lift the economy out of “disaster”, says Kittiratt Na Ranong, who is widely expected to be named chairman of the board of the central bank.

A Pheu Thai Party loyalist and former finance minister and stock exchange president, Mr Kittiratt told a seminar on Thursday that interest rates were too high and all sides must work together to address that.

“It’s the way to prevent disaster. Today, I still believe that,” he said in reiterating a call he first made last year for fast and sharp cuts in interest rates to boost the economy.

The government has yet to confirm the selection of Mr Kittiratt as chairman of the board of the Bank of Thailand, but sources with knowledge of the process have confirmed to Reuters his selection, which has been widely reported in local media.

The government’s nomination of Kittiratt for the job faced strong opposition from economists and former Bank of Thailand governors concerned about political influence on the independent central bank.

The Pheu Thai-led government has been at odds with the central bank for the bulk of its time in office since returning to power in September 2023, mostly over interest rates it says are shackling the economy.
https://www.bangkokpost.com/business/general/2923126/kittiratt-rate-cuts-needed-to-avert-disaster-in-thailand

 

[Keithambrose]

6 hours ago, reader said:

NOTE -- A rate cut should translate to a lower baht

From Reuters / Bangkok Post

Interest rates in Thailand should be cut quickly and sharply to help lift the economy out of “disaster”, says Kittiratt Na Ranong, who is widely expected to be named chairman of the board of the central bank.

A Pheu Thai Party loyalist and former finance minister and stock exchange president, Mr Kittiratt told a seminar on Thursday that interest rates were too high and all sides must work together to address that.

“It’s the way to prevent disaster. Today, I still believe that,” he said in reiterating a call he first made last year for fast and sharp cuts in interest rates to boost the economy.

The government has yet to confirm the selection of Mr Kittiratt as chairman of the board of the Bank of Thailand, but sources with knowledge of the process have confirmed to Reuters his selection, which has been widely reported in local media.

The government’s nomination of Kittiratt for the job faced strong opposition from economists and former Bank of Thailand governors concerned about political influence on the independent central bank.

The Pheu Thai-led government has been at odds with the central bank for the bulk of its time in office since returning to power in September 2023, mostly over interest rates it says are shackling the economy.
https://www.bangkokpost.com/business/general/2923126/kittiratt-rate-cuts-needed-to-avert-disaster-in-thailand

 

'political influence' in Thailand. Who would have thought it?