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Thai central bank urged to maintain policy interest rate
The Bank of Thailand (BoT) Monetary Policy Committee should keep the policy interest rate unchanged to rein in the rising inflation rate, according to a leading economist.
Speaking at a seminar on "A Roadmap for National Economic Recovery," Supavud Saichue, president of Phatra Securities, said the MPC should maintain the policy interest rate to make foreign capital flow into the country for a while and allow the baht to strengthen even further. By Rajesh Kumar, Section Business Posted on Mon Mar 24, 2008 at 08:21:58 PM EST
With the baht's appreciation, he said, local oil prices would decline to a certain extent and the inflationary pressure would ease accordingly.
He added that the interest spread of Thailand and the United States stayed at 1 per cent, SET chairman Pakorn Malakul Na Ayudhya, said that managing the inflation rate is the duty of the MPC, which has an aim to limit the core inflation rate to a range of 0-3.5 per cent.
To ensure that inflation moves with the set range, he said, the oil prices should be included for calculation However, BoT Deputy Governor Bandid Nijathaworn said the inflation rate had moved so fast for this moment. Should the oil prices be incorporated to calculate the inflation rate, the monetary policy-making would fluctuate and then the private-sector business performance would experience problems. The central bank's Monetary Policy Committee will hold its next meeting on April 9. (TNA)-E005
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