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BoT Raises Rates, THB Benefits

THAILAND

The Bank of Thailand raise rates by 25bps to 2.50% from 2.25% prior in a unanimous decision. Forecasts adjusted as follows:

  • 2023 GDP growth 2.8% (Prev. 3.6%)
  • 2024 GDP growth 4.4% (Prev. 3.8%)
  • 2023 CPI at 1.6% (Prev. 2.5%)
  • 2024 CPI at 2.6% (Prev. 2.4%)
USD/THB offered on the rate hike, with the pair slipping below 36.50 to trim the day's early gains. Markets remain in close proximity to the cycle high posted overnight at 36.588.

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