BANGKOK :Thailand's central bank left its key interest rate unchanged at a record low on Wednesday in a split vote and slashed its 2021 economic growth forecast as the Southeast Asian country struggles with its biggest wave of COVID-19 infections to date.
Controlling the outbreak and relaxing virus curbs, if done by early in the fourth quarter, will help the economy from contracting this year, it said.Under a 'baseline minus' scenario, the economy will be sharply slower than the baseline forecast this year, the BOT said, adding in that case the outbreak is prolonged and the restrictions are eased at the end of the year.
"We think that a cut in the policy rate would be sense if it was better coordinated with fiscal policy. If not, it would become an exercise of pushing on a string". The BOT said monetary policy will remain accommodative to support the economy. Most committee members felt the rate was already low and felt financial measures would be more effective in helping activity than cutting the key rate.
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