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Bank of Thailand keeps rate at record low

Thailand's central bank decided to maintain its benchmark interest rate at a record low on Wednesday, as the economy struggles to recover from the Covid-19 pandemic.

The Bank of Thailand said its policy committee voted to keep its one-day repurchase rate unchanged at 0.50%. The decision was unanimous, the central bank said.

All six economists polled by The Wall Street Journal expected the central bank to stand pat on its policy rate.

In 2020, the central bank cut the rate by a total of 75 basis points to a record low, leaving little room for further cuts.

Covid-19 containment measures in response to the recent rise in infections and deaths may weigh on consumer spending and a tourism recovery, some economists say.

Thailand's consumer price index in April rose 3.4% from a year earlier, above the central bank's inflation target range of 1%-3%. Fourth-quarter gross domestic product fell 4.2% from a year earlier, although it rose 1.3% from the previous quarter.

Write to Kosaku Narioka at [email protected]

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