Economy to grow close to forecasts, but recovery fragile - BoT minutes

Economy to grow close to forecasts, but recovery fragile - BoT minutes

The Thai economy bottomed out in the third quarter and will grow close to forecasts, but recovery will remain fragile and is subject to uncertainty, according to minutes of the central bank's last policy meeting released on Wednesday.

On Nov 10, the Bank of Thailand's monetary policy committee unanimously voted to keep the benchmark interest rate at a record low of 0.50% for a 12th consecutive meeting to support the economic recovery.

Fiscal policy is the main driver of the economy, and movement of the baht is more volatile than other regional currencies, the <a href="https://tinyurl.com/3adhe27p" target="_blank">central bank minutes</a> said.

Finance Minister  Arkhom Termpittayapaisith said monetary policy must remain accommodative to support fiscal policy and fiscal measures introduced must be supportive of business and households.

The minister was speaking at a business seminar on Wednesday, and stressed that monetary and fiscal policy must be in step.  

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