BoT Releases Minutes From February Monetary Policy Meeting

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

• Policymakers tipped hat to improving Covid-19 situation, noting that the "global economy continued to recover as the Omicron variant exerted less pressure on economic activities than the previous waves of outbreak."
• "Global financial markets were highly volatile due to the anticipation of faster monetary policy normalization of AE central banks, particularly the Federal Reserve. (...) On the exchange rates, the Thai baht relative to the US dollar remained volatile, while the nominal effective exchange rate (NEER) appreciated since the previous meeting."
• "The Thai economy in 2021 would expand faster than previously projected, and the recovery would continue into 2022. (...) However, the recovery would remain fragile and uneven across sectors."
• Headline inflation in 2022 would be higher than previously assessed and could exceed the target range in the early part of the year. (...) Nevertheless, the average inflation rate for the full year 2022 and medium-term expectations would remain within the target range. Furthermore, there had not been an indication of broad-based increases in the prices of goods and services."
• "The Committee voted unanimously to maintain the policy rate at 0.50 percent to support the economic recovery. Continued monetary policy accommodation would help support overall economic growth. In addition, the ongoing financial and fiscal measures, with the focus on rebuilding and enhancing potential growth, would have an important role. They would underpin the robust recovery in the labor market as well as the income of businesses and households."
• Click here to see the full document.