The Bank of Thailand's Monetary Policy Committee (MPC) is likely to decline the gross domestic product (GDP) forecast to 4% this year, due to the increasing downside risk driven by political unrest. According to Roong Mallikamas, central bank spokeswoman, the MPC has lowered its policy interest rate by 25 basis points to 2.25%, while they have also slashed the country's GDP prediction to 4% from 4.8%. The central bank last June laid out criteria allowing maximum of five foreign banks to convert their branches into subsidiaries, with approvals expected to be completed by mid of this year.
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