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Thailand policy rate holds at 1.0% in September 2026

The Bank of Thailand's policy rate stood at 1.0% in September 2026, unchanged from August and down from 1.5% in September 2025, according to the central bank.

Thailand's central bank policy rate was 1.0% in September 2026, according to the Bank of Thailand. Housing Market Group's calculation from Bank of Thailand figures shows a change of 0 percentage points between August 2026 and September 2026, so the benchmark rate that influences borrowing costs across the economy, including for home loans, did not move during the month.

The September 2026 reading continues a stretch of stability. The Bank of Thailand's figures put the rate at 1.0% in August 2026, 1.0% in July 2026, 1.0% in June 2026 and 1.0% in May 2026. The rate has therefore held at the same level throughout the period covered by the monthly history in the data, from May 2026 to September 2026.

Over a longer horizon the picture is one of easing. In September 2025 the policy rate stood at 1.5%, according to the Bank of Thailand. HMG's calculation shows that the rate in September 2026 was 0.5 percentage points lower than a year earlier. For households and developers, that means the reference rate for borrowing was lower in September 2026 than in September 2025, although it has been flat in recent months.

The direction of Thailand's move over the year differs from that of several other countries in HMG's comparison set. In Australia the policy rate was 4.6% in September 2026, according to the Reserve Bank of Australia, and HMG's calculation shows it rose by 1 percentage point on a year earlier. Germany's rate was 2.5% in September 2026, according to the Deutsche Bundesbank, up 0.5 percentage points on September 2025. Spain's rate was also 2.5% in September 2026, according to the Banco de España, again up 0.5 percentage points on a year earlier.

Other countries moved in the same direction as Thailand. Brazil's policy rate was 13.75% in September 2026, according to the Bank for International Settlements, and HMG's calculation shows a fall of 1.25 percentage points on a year earlier. In Canada the rate was 2.25% in September 2026, according to the Bank of Canada, down 0.25 percentage points from September 2025. The United Kingdom's rate was 3.75% in September 2026, according to the Bank of England, also down 0.25 percentage points on the year.

Ranking the change on a year earlier, with 1 representing the highest change and falls counted as negative changes, HMG's calculation places Thailand 6 of 7 among the 7 countries in this comparison for September 2026. Only Brazil recorded a larger reduction over the year. Thailand's rate of 1.0% in September 2026 also sits at a markedly different level from the rates reported for the other countries in the comparison, reflecting the different economic conditions each central bank is responding to. The figures describe where policy stood in September 2026 and how it changed over the preceding year; they do not indicate where rates will go next.

Sources

Original analysis by Housing Market Insights. Figures are the publishers' own; the text is ours.

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