Thailand’s finance minister warned yesterday that small and medium-sized businesses could suffer if the Bank of Thailand raises interest rates as expected this month to fight inflation.
“While inflation is rising continuously, quickly increasing loan interest rates will hurt small and medium-size businesses more than big companies,” Surapong Suebwonglee said. “Both government and the private sector must cooperate together to help them.”
The central bank’s monetary policymakers meet on July 16, when they are expected to raise interest rates to fight inflation, which is at the highest levels since the 1997 Asian financial crisis.
The benchmark rate has been unchanged at 3.25 percent since August.
Surapong declined to say if the bank should raise rates, saying: “The Monetary Policy Committee should carefully consider this issue.”
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