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Thai interest rate cut will help exports: deputy PM
[BANGKOK] Thailand's looser monetary policy is good for exports as it helps hold the baht down, making exports more competitive, a deputy prime minister said on Thursday, as the military government tries to revive the struggling economy.
On Wednesday, the central bank's monetary policy committee unexpectedly voted 4-3 to cut the policy interest rate by 25 basis points to 1.75 per cent, its first rate change in a year to shore up confidence. "Lower interest rates will help cap the baht's rise, which is most wanted. A weaker baht will help exports," deputy Prime Minister Pridiyathorn Devakula told reporters.
He said the economy was still expected to grow 4 per cent this year after 0.7 per cent growth in 2014.