BoT autonomy faces acid test | Bangkok Post: opinion

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BoT autonomy faces acid test

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The Bank of Thailand's Monetary Policy Committee (MPC) decision today on whether to cut the policy interest rate from 2.75% a year will be closely watched, and not just for the effect it might have on the economy. 

The bank is supposedly independent in terms of how it manages monetary policy. However, Finance Minister Kittiratt Na-Ranong early this month wrote to the bank chairman, Virabongsa Ramangkura, recommending the bank cut the benchmark interest rate.

It's this letter which has led to the speculation over whether the MPC will bring down the rate, as economic conditions alone would not appear to justify the need for such a step right now.

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