All eyes will be on the Bank of Thailand’s Monetary Policy Committee meeting on Wednesday when it will be under pressure to go beyond a 25 basis points rise in the borrowing rate which currently stands at 0.75%. Inflation of 7.86% in August and the plummeting baht will make a strong case for a heftier rise but the impact of higher borrowing costs on ฿15 trillion in household debt recorded at the end of June gives us some idea of how this may impact what Bank of Thailand Governor Sethaput Suthiwartnarueput has described as a fragile and uneven economic recovery with the country trying desperately to move beyond the disaster inflicted on the economy in 2020.

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