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Thai financial system more vulnerable as pandemic hits economy - Central bank minutes

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Thai financial system more vulnerable as pandemic hits economy - Central bank minutes

 

2020-07-08T025942Z_1_LYNXMPEG6705O_RTROPTP_4_THAILAND-ECONOMY-RATES.JPG

FILE PHOTO: Thailand's central bank is seen at the Bank of Thailand in Bangkok, Thailand April 26, 2016. REUTERS/Jorge Silva

 

BANGKOK (Reuters) - Thailand's financial system had become more vulnerable due to a weaker-than-expected economic outlook amid the coronavirus outbreak, minutes from the latest policy meeting showed on Wednesday.

 

On June 24, the Bank of Thailand's (BOT) monetary policy committee voted unanimously to leave the one-day repurchase rate <THCBIR=ECI> unchanged at a record low of 0.50%.

 

The committee assessed that the monetary policy stance had been eased in a timely manner since the outbreak took place, with three policy rate cuts to a record low, the minutes said.

 

It was necessary to prepare financial measures to continuously alleviate the outbreak impact, the minutes said.

 

At the meeting, the BOT cut its 2020 GDP outlook to a record contraction of 8.1% from the previous forecast 5.3% shrinkage.

 

For the full minutes

https://www.bot.or.th/English/MonetaryPolicy/MonetPolicyComittee/ReportMPC/Minutes/MPC_Minutes_42020_6abht7w8.pdf 

 

(Reporting by Orathai Sriring; Editing by Ed Davies)

 

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-- © Copyright Reuters 2020-07-08
 
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4 hours ago, webfact said:

Thai financial system more vulnerable as pandemic hits economy

Maybe that is why they want to include rival parties in coming up with a budget in 2021

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20 hours ago, webfact said:

Thailand's financial system had become more vulnerable due to a weaker-than-expected economic outlook amid the coronavirus outbreak, minutes from the latest policy meeting showed on Wednesday.

Wow from a boasted Asias strongest performing economy to a potential disaster in a year.

Good going.

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On 7/8/2020 at 10:08 AM, webfact said:

Thailand's financial system had become more vulnerable due to a weaker-than-expected economic outlook amid the coronavirus outbreak, minutes from the latest policy meeting showed on Wednesday.

And it's set to become a lot more weaker as time rolls on with the epidemic. 

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