Thailand’s financial system has become more vulnerable due to the more-than-expected contraction of the country’s economic outlook due to impacts caused by the COVID-19 pandemic, according to the Bank of Thailand (BoT).
Fiscal and monetary tools and policies should be governed in a more proactive and flexible manner from now to year’s end in order to maintain macro-economic stability and boost growth, according to the National Advisory Council on Financial and Monetary Policies.
The Bank of Thailand (BOT) has reduced its economic outlook to a contraction of 8.1 percent this year, deeper than the 1997 financial crisis, but kept the policy rate on hold at 0.5 percent, according to local media.
The Bank of Thailand (BoT) is expected to leave its key interest rate unchanged at a record low after easing monetary policy three times this year to help mitigate the economic damage from the COVID-19 pandemic, a Reuters poll showed.
The State Bank of Vietnam set the daily reference exchange rate at 23,239 VND per USD on June 15, up 17 VND from the last working day of previous week (June 12).
In its latest update released on June 3, the World Bank (WB) said Vietnam’s economy has gradually bounced back since social distancing measures were eased.
Vietnam now has a “golden opportunity” to reactivate its economy earlier than many other countries, Minister-Chairman of the Government Office Mai Tien Dung said on June 2.
The Monetary Policy Committee (MPC) under the Bank of Thailand (BoT) on May 20 cut its policy rate by 25 basis points to a record low of 0.5 percent, to help soften the economic impact of the pandemic and social distancing measures.
Interest rate cuts by the State Bank of Vietnam (SBV) and cost savings among credit institutions will pave the way for sustainable lending rate reductions, thus easing difficulties faced by businesses.
Malaysia's central bank cut its key interest rate by 50 basis points to 2 percent on May 5, its lowest since 2009, to help the country’s economy weather the impact of the COVID-19 pandemic.
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