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BOT Press Release No. 14/2020



Monetary Policy Committee’s Decision (Special Meeting)

          On 20 March 2020, the Monetary Policy Committee (MPC) held a special meeting to assess the impact of the COVID-19 out  break on the economic outlook and  domestic financial markets functioning.
          The Committee viewed that the COVID-19 out break in the period ahead would be more severe  than previously expected and   the situation would take some time before returning to normal. This would severely affect the Thai economy. Moreover, the outbreak resulted in concerns among global financial markets,  affecting liquidity  and the functioning of Thai  financial markets  despite overall stability of the financial system.

          The Committee thus voted unanimously to cut the policy rate by 0.25 percentage point, from 1.00 to 0.75 percent effective on 23 March 2020, to reduce interest burdens of borrowers affected by the outbreak and to alleviate liquidity strain in the financial markets. This would mitigate the impact on the economy and would also reinforce  fiscal measures already implemented and forthcoming.

          The Committee viewed that the policy rate cut in the previous and today’s meetings would benefit the economy if financial institutions took active roles in addressing  liquidity problems of borrowers, especially SMEs and households, as well as accelerating debt restructuring to have noticeable and meaningful impact. The Committee urged the Bank of Thailand to closely monitor each  financial institution’s assistance to borrowers. Moreover, the Bank of Thailand would ensure  sufficient liquidity, as well as the well-functioning and stability of the financial markets.

Bank of Thailand

20 March 2020

For further information, please contact: Monetary Policy Strategy Division
Tel: +66 2283 6186, +66 2356 7872
E-mail: MPStrategyDiv@bot.or.th  

>>​Download​​ Press PDF

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About BOT
  • Roles & History
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  • Organization And Executives
  • Committee
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Monetary Policy
  • Monetary Policy Committee (MPC)
  • Monetary Policy Target
  • Schedule of Meetings
  • MPC Meeting Results
  • MPC Publications
  • MPC Knowledge
  • Economic Conditions
  • Regional Economy
  • Research and Conference Papers
Financial Institutions
  • Financial Institutions Policy Committee
  • Thailand’s Financial Institutions​
  • BOT Roles and Responsibilities
  • Financial Institutions Supervision in Practice
  • Financial Institutions Policy
  • Supervision of Other Financial Corporations
  • Supervisory Coordination
Financial Markets
  • Monetary Operations
  • Financial Market Development
  • Foreign Exchange Market
  • Foreign Reserves Management
  • Foreign Exchange Regulations
  • Thai Reference Rate and LIBOR Transition
  • Bond Investor Registration
Payment Systems
  • Payment Systems Committee (PSC)
  • Payment Systems Policy
  • Oversight of Payment Systems
  • Payment Systems Act
  • Oversight of e-Payment Service Providers
  • BOT's Payment System Services
  • Payment Systems Standards
  • Payment Systems Notification & Circulars
  • Cross-border Payment
  • Financial Technology
Statistics
  • Financial Markets
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  • Financial Institutions
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