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BoT Unveils Two New MPC Members, Says It's Ready To Intervene In FX Markets

THAILAND

The Bank of Thailand has announced four nominations for Monetary Policy Committee (MPC) seats, with officials set to take office on November 1. The central bank decided that Paiboon Kittisrikangwan, Rapee Sucharitakul, Roongrote Rangsiyopash and Santitarn Sathirathai will be appointed for three-year terms on the rate-setting panel.

  • Paiboon and Rapee are current members of the MPC and have been reappointed for second terms. Note that external MPC members cannot serve for more than two consecutive terms. Meanwhile, Roongrote (CEO of Siam Cement) and Santitarn (former Sea Chief Economist) are newcomers.
  • Earlier in the day, the central bank warned that it could "step in" if the baht becomes "abnormally volatile" to cushion the impact on the business sector. Senior Director Sakkapop Panyanukul said that although the THB has weakened in line with other regional currencies, the BoT is closely monitoring its moves.
  • Spot USD/THB crossed above the 37.00 mark for the first time since mid-November 2022 overnight, trimming some gains into the European morning. The rate last sits +0.08 at 37.02 ahead of the closing bell.
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