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Baht Falls as Thailand’s Central Bank Joins Other Banks in Cutting Interest Rates

August 7, 2019 at 17:51 by Vladimir Vyun

Many Thai coins on a baht noteThe Thai baht declined today after Thailand’s central bank made a surprise interest rate cut.

The Bank of Thailand reduced its main interest rate from 1.75% to 1.5%. Five members of the Monetary Policy Committee voted for the action, while two voted to keep the rate unchanged. The statement explained the reasons for the decision:

In deliberating their policy decision, the Committee assessed that the Thai economy would expand at a lower rate than previously assessed due to a contraction in merchandise exports, which started to affect domestic demand. Inflation was projected to be lower than the lower bound of the inflation target.

USD/THB jumped 0.23% to 30.80 as of 17:51 GMT today.

If you have any questions, comments, or opinions regarding the Thai Baht, feel free to post them using the commentary form below.

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