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The Bank of Thailand releases the edited minutes from their September monetary policy meeting:

  • Volatilities in the global financial markets increased due to gradual normalization of monetary policy in AEs. . Looking ahead, the global financial markets would remain highly volatile given the gradual normalization of monetary policy in AEs and the recovery divergence between AEs and EMs, as well as among EMs.
  • On exchange rates, the baht exhibited more volatile movements owing to monetary policy in AEs and uncertainties surrounding the Thai economic outlook.
  • The Thai economy was projected to expand 0.7 and 3.9 percent in 2021 and 2022, respectively, largely unchanged from the August projection. Headline inflation was projected to decline in 2021 relative to the previous projection and stay close to the lower bound of the target range.
  • The Committee assessed that the Thai economy had bottomed out in the third quarter of 2021 and would continue to recover, but uncertainties surrounding the economic outlook remained high.
  • The Committee viewed fiscal policy as the main driver to provide relief and to support economic recovery. . In addition, the Committee viewed that raising the public debt ceiling to 70 percent of GDP would allow the government to continue expediting additional policies to support economic recovery.
  • The Committee voted unanimously to maintain the policy rate at 0.50 percent to support the economic recovery which remained highly uncertain. The Committee would stand ready to use additional appropriate monetary policy tools if necessary.
  • Click here to view the full document.