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U.S. Interest Rate Cuts Could Influence Thai Policy.
Byline: Parista Yuthamanop
Oct. 3--Interest rate policies by the Bank of Thailand are unlikely to be tested unless offshore interest rates fall significantly further or bank lending picks up sharply.
Many analysts expect that with the US Federal Reserve expected to cut short-term interest rates by as much as one-half point (a decision was expected early this morning Thailand time), local regulators would eventually look to review existing rates as well.
Policymakers say they remain confident that existing rates are appropriate, and point out that further cuts would have a limited impact on boosting growth.
Excessive liquidity in the domestic money market has led to a failure in the links between interest rates in the short-term money market and the banking system.
Global interest rates have been declining over the past few weeks as major central banks seek to prop up confidence following the terrorist attacks in the United States on Sept 11.
Even before the attacks, economic growth in the US, Japan and Europe had been slowing sharply, prompting analysts to revise local growth estimates downward as exports are expected to fall.
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