CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 82.67% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money

Bank of Thailand keeps interest rates at record low

By Aaron Woolner


Updated

The Bank of Thailand (BOT) has kept interest rates at a record low of 0.5% as the Southeast Asian state struggles with an upswing in coronavirus cases that are slowing plans to reopen its tourism-dependent economy.

The central bank’s announcement that its monetary policy committee had voted to keep rates static had been widely expected as was its lower economic growth forecast for 2021.

The BOT monetary policy committee voted unanimously to hold the benchmark one-day repurchase rate at 0.50% for a ninth straight meeting. The central bank also scaled-back its growth forecast for 2021 to 1.8% from 3%.

Super-spreader

Thailand received plaudits globally for its handling of the early stages of COVID-19 but the impact of the delta variant and super-spreader events linked to nightclubs has seen the number of cases rise. 

BTC/USD

87,722.80 Price
-0.720% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 106.00

ETH/USD

3,186.59 Price
-2.940% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 6.00

Gold

2,609.24 Price
+0.440% 1D Chg, %
Long position overnight fee -0.0171%
Short position overnight fee 0.0089%
Overnight fee time 22:00 (UTC)
Spread 0.30

XRP/USD

0.67 Price
-7.440% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 0.01168

Thailand’s economy is heavily dependent on tourism, with holiday favourite Phuket estimated to earn 95% of its income from visitors.

Jeremy Zook, a director in Fitch’s Asia-Pacific Sovereigns team, said in a webinar today that the Thai economy should rebound by 4.2% in 2022. 

Phuket reopens

Thailand is planning to reboot its tourism sector by reopening Phuket to vaccinated international visitors in July, however, restrictions such as the closure of bars and restaurants are expected to dampen numbers. 

Trade Bitcoin / Baht - BTC/THB CFD

Read more: Thai securities regulator bans NFTs and memecoins

Rate this article

Capital Com is an execution-only service provider. The material provided in this article is for information purposes only and should not be understood as investment advice. Any opinion that may be provided on this page does not constitute a recommendation by Capital Com or its agents and has not been prepared in accordance with the legal requirements designed to promote investment research independence. While the information in this communication, or on which this communication is based, has been obtained from sources that Capital.com believes to be reliable and accurate, it has not undergone independent verification. No representation or warranty, whether expressed or implied, is made as to the accuracy or completeness of any information obtained from third parties. If you rely on the information on this page, then you do so entirely at your own risk.

Still looking for a broker you can trust?

Join the 660,000+ traders worldwide that chose to trade with Capital.com

1. Create & verify your account 2. Make your first deposit 3. You’re all set. Start trading