{"id":1543,"date":"2018-12-20T04:50:04","date_gmt":"2018-12-20T04:50:04","guid":{"rendered":"http:\/\/pgawards.wpengine.com\/?p=1543"},"modified":"2021-06-04T14:09:25","modified_gmt":"2021-06-04T07:09:25","slug":"thailand-to-disrupt-speculative-buying-with-key-rate-hike","status":"publish","type":"post","link":"https:\/\/www.asiapropertyawards.com\/en\/thailand-to-disrupt-speculative-buying-with-key-rate-hike\/","title":{"rendered":"Thailand to disrupt speculative buying with key rate hike"},"content":{"rendered":"<p><strong>First raise in seven years<\/strong><\/p>\n<figure id=\"attachment_1544\" aria-describedby=\"caption-attachment-1544\" style=\"width: 1000px\" class=\"wp-caption alignnone\"><img decoding=\"async\" class=\"size-full wp-image-1544\" src=\"http:\/\/pgawards.wpengine.com\/wp-content\/uploads\/2019\/02\/Thailand-to-disrupt-speculative-buying-with-key-rate-hike.jpg\" alt=\"\" width=\"1000\" height=\"667\" srcset=\"https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2019\/02\/Thailand-to-disrupt-speculative-buying-with-key-rate-hike.jpg 1000w, https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2019\/02\/Thailand-to-disrupt-speculative-buying-with-key-rate-hike-300x200.jpg 300w, https:\/\/www.asiapropertyawards.com\/wp-content\/uploads\/2019\/02\/Thailand-to-disrupt-speculative-buying-with-key-rate-hike-768x512.jpg 768w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/><figcaption id=\"caption-attachment-1544\" class=\"wp-caption-text\">Wat Arun temple in Bangkok, Thailand. Sahachatz\/Shutterstock<\/figcaption><\/figure>\n<p>In a bid to quell speculative property buying, Thailand\u2019s central bank raised\u00a0Wednesday the\u00a0overnight repo rate to 1.75 percent, up 0.25 percentage points, the\u00a0<a href=\"https:\/\/asia.nikkei.com\/Economy\/Thailand-raises-key-rate-for-first-time-in-seven-years\" target=\"_blank\" rel=\"noopener noreferrer\">Nikkei Asian Review<\/a>\u00a0reported.<\/p>\n<p>It marks the first time the Bank of Thailand has increased its key interest rate since August 2011. It had cut the overnight repo rate to 1.50 percent in April 2015.<\/p>\n<p>The\u00a0monetary policy board believes that low key rates have accommodated yield-seeking behavior in the real estate market, leaving the economy vulnerable to financial shocks.<\/p>\n<p>The\u00a0rate change follows the bank\u2019s announcement it would\u00a0tighten mortgage underwriting standards\u00a0in January 2019. Mortgages for homes valued more than THB10 million (USD300,000) will be capped with\u00a0an 80 percent loan-to-value (LTV) limit in a measure hoped to curb speculators.<\/p>\n<p>Raising policy rates when the economy is solid builds up space for monetary easing ahead of politically uncertain times, according to Yoichiro Yamaguchi, chief economist at Sumitomo Mitsui Banking Corporation.<\/p>\n<p>&#8220;The upcoming general election is a big uncertainty to Thailand&#8217;s economy,&#8221; Yamaguchi told the Review. &#8220;The central bank wanted to secure room for monetary easing before the election, so that the bank has a measure [in place] to support the Thai economy if anything negative happens in the election process.&#8221;<\/p>\n<p>The monetary policy committee voted four to three to maintain the policy rate in November.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>First raise in seven years<\/p>\n","protected":false},"author":2,"featured_media":19845,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1543","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property-report","news_country-thailand","news_author-property-report"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Thailand to disrupt speculative buying with key rate hike | Asia Property Awards<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.asiapropertyawards.com\/en\/thailand-to-disrupt-speculative-buying-with-key-rate-hike\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" 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