1-Day Repurchase Rate in Thailand
The 1-Day Repurchase Rate (%, eop) ended 2024 at 2.25%, down from the 2.50% end-2024 value and up from the reading of 2.00% a decade earlier. For reference, the average interest rate in ASEAN was 4.86% at end-2024. For more information on interest rate, visit our dedicated page.
Thailand Interest Rate Chart
Note: This chart displays Policy Interest Rate (%) for Thailand from 2014 to 2024.
Source: Macrobond.
Thailand Interest Rate Data
2020 | 2021 | 2022 | 2023 | 2024 | |
---|---|---|---|---|---|
1-Day Repurchase Rate (%, eop) | 0.50 | 0.50 | 1.25 | 2.50 | 2.25 |
3-Month BIBOR (%, eop) | 0.62 | 0.62 | 1.45 | 2.65 | 2.39 |
10-Year Bond Yield (%, eop) | 1.28 | 1.90 | 2.64 | 2.70 | 2.30 |
Central Bank leaves rates unchanged in June
Central Bank pauses monetary policy easing: At its meeting on 25 June, the Bank of Thailand (BOT) decided to maintain the policy rate at 1.75%. The decision followed two consecutive 25 basis point cuts and aligned with market expectations.
BOT waiting for ideal timing to cut further: The Bank opted to stand pat as it aims to optimize the timing of rate cuts amid heightened global uncertainty and limited policy space. Nonetheless, the BOT noted that inflation remains subdued due to supply-side factors. It added that the economy is expected to slow as goods exports face headwinds from U.S. tariffs and private consumption feels the pinch of weakening income and consumer confidence.
Central Bank to reduce rates in Q3: The BOT is widely expected to resume cutting rates amid low inflation, a slowing economy and dovish forward guidance. Assistant Governor Sakkapop Panyanukul stated, “We have limited ammunition so timing is important. We need to see when will be the most effective timing to cut the rate.” Most of our panelists expect the BOT to cut rates in Q3, with the vast majority expecting a 25 basis point cut to 1.50%. For Q4, our panel is more divided, with end-2025 rate projections ranging from 1.00% to 1.75%. The Bank is scheduled to meet again on 13 August.
Panelist insight: Nomura’s Charnon Boonnuch and Euben Paracuelles commented: “We expect the BOT to pause at the next MPC meeting in August, as we think economic indicators ahead of the MPC meeting will not be materially different from the current outlook. Nonetheless, we would not rule out the BOT cutting in August, owing to the elevated uncertainty in the global economy and domestic political development. We still expect the BOT to deliver two 25bp cuts in Q4 and add another one in Q1 2026, as we think signs of deteriorating economic conditions will be more evident to the BOT by then. This is only partly owing to the payback effects in H2 (after the export front-loading), but more importantly because of the weakening domestic demand amid the negative feedback loop, which will likely worsen further out, in our view.”
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Thai interest rate projections for the next ten years from a panel of 26 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable interest rate forecast available for Thai interest rate.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Thai interest rate projections.
Want to get access to the full dataset of Thai interest rate forecasts? Send an email to info@focus-economics.com.
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