The Bank of Thailand (BoT) (Source: https://www.bangkokpost.com/) Bangkok (VNA) - The Bank of Thailand (BoT) slashed its basic interest rate to a record low of 1 percent in an effort to shore up the economy which is hit by the novel coronavirus (nCoV) epidemic and the months-long delay in the fiscal 2020 budget bill.
In 2019, the BoT cut the basic interest rate in August and November in a bid to bolster the economy, whose 2019 growth is estimated at 2.5 percent - the weakest in the last five years.
The nCoV outbreak and the postponement of the 3.2-trillion-baht budget bill have dealt further blows to an already sagging economy.
A senior official of the bank said recently that both factors would have a significant impact on the Thai economy, particularly in the first three months of 2020.
In mid-December, the BoT downgraded Thailand’s economic growth forecast for 2020 to 2.8 percent from 3.3 percent predicted in last September./.
VNA
