Pressure mounts on Bank of Thailand to reduce high interest rates

Thailand Deputy Finance Minister Julapun Amornvivat expressed concern that the country’s current interest rates are excessively high, putting strain on citizens’ disposable income and stunting the nation’s economic growth. This stance encourages the Bank of Thailand to reconsider its monetary policies.

“The Thai people’s spending power is in jeopardy due to these high rates. I hope the Bank of Thailand acknowledges the pressure being placed on our citizens and reduces the rates soon.”

This plea for rate reduction aligns with calls from Prime Minister Srettha Thavisin, who also serves as the Finance Minister. Nonetheless, the Bank of Thailand has resisted these appeals, with central bank governor Sethaput Suthiwartnarueput asserting that the current rate is suitable. Sethaput also countered the prime minister’s assertion that the economy is in a state of crisis,…