Thitiwat, Deputy Secretary-General to the Prime Minister for Political Affairs, is concerned about the interest rate measure and advises the Bank of Thailand to review it to suit the current economic situation. Driving the growth of the Thai economy Reducing the cost burden on business and consumers.
26 February 2024 Mr. Thitiwat Adisornfankul, Deputy Secretary to the Prime Minister for Political Affairs gave an interview on his concerns about the current interest rate measures. This affects the costs of entrepreneurs and citizens who have obligations to various financial institutions. This can be seen since Thailand faced the Coronavirus (COVID-19) outbreak situation. The Bank of Thailand has raised interest rates 8 times from the base interest rate of 0.50%. Recently, the base interest rate was at 2.50%, which makes it worth noting that is the interest rate measure still appropriate for the current economic situation in Thailand?
Mr Thitiwat also stated that Thailand's Consumer Price Index in January 2024 was 106.98 compared to January 2023's 108.18, resulting in headline inflation falling by 1.11 percent (year-on-year), the fourth consecutive month. Lowest level in 35 months This decline in inflation reflects the decline in purchasing power of consumers. This also affected the consumer confidence index, which also fell. Compared to December 2023, it was at 54.8, while it was at 54.5 in January 2024. The continued decline in the Thai CPI remains an important question and a source of concern for current interest rate measures.
Deputy Secretary to the Prime Minister for Political Affairs finally emphasizes that determining interest measures that fit the current economic situation is absolutely necessary to drive the growth of the Thai economy. Fiscal measures that facilitate enhanced liquidity This remains another important factor in reducing the cost burden on entrepreneurs and consumers.
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