The Latest Breaking News from Bank of Thailand

The Bank of Thailand (BoT) raised its key interest rate for the first time in nearly four years on Wednesday, lifting it by a quarter point as expected to fight surging inflation as the economic recovery gains momentum.

Commercial banks should not rush to raise their interest rates even though the Bank of Thailand (BOT) will tighten monetary policy, Finance Minister Arkhom Termpittayapaisith said on Wednesday.

Local major banks plan to hold their interest rates steady if the Bank of Thailand raises the policy rate on Wednesday, as they want to mitigate its impact on borrowers amid a gradual economic recovery.

The government plans to overhaul digital rules to confer more powers on the central bank and tighten the oversight of platforms offering cryptocurrencies and other tokens after a recent market rout left retail investors reeling from losses.

The Bank of Thailand (BoT) should stay away from a steep policy tightening path to protect the economy’s nascent recovery while taming the fastest inflation in more than a decade, according to the finance minister.

Some business sectors are concerned about the effect of the Bank of Thailand's anticipated interest rate hike on companies and the public, while related private and state organisations have vowed to do their best to mitigate the impact.

The Bank of Thailand expects to begin testing its retail digital currency at the end of this year and the process will continue through mid-2023.

The Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) believes the banking sector will delay raising the interest rate in line with the Bank of Thailand's anticipated gradual policy rate hike.

The currency of Southeast Asia's second-largest economy traded against the greenback at 36.08 on Monday, appreciating 1.4% compared to a week prior.

Recap: European and US stocks advanced yesterday amid positive corporate earnings reports and the prospect of less aggressive rate hikes from the US Federal Reserve. Hong Kong and Chinese markets pulled back as tech stocks corrected and the Chinese government signalled limited new stimulus ahead.

The Bank of Thailand is highly likely to raise its key policy interest rate at its Aug 10 meeting, a senior official said on Friday, as the country’s economic recovery gains more traction and as other central banks tighten monetary policy to contain inflation.