Thailand unexpectedly cuts rates
Bank of Thailand delivers surprise 25bp cut following RMB depreciation
Thailand’s central bank unexpectedly cut its policy rate by 25 basis points to 1.5% on Wednesday (August 7), at a time when the soaring Thai baht has placed a drag on tourism and export growth and the Chinese central bank allowed the renminbi to depreciate against the US dollar.
The monetary policy committee of the Bank of Thailand) voted 5–2 to reduce the one-day repurchase rate, effective immediately – the first cut since 2015. Two committee members voted to maintain the policy rate at 1.75%
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