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BoT Warns That Growth & Inflation May Miss Base-Case Forecasts

THB

Bloomberg runs snippets from the Bank of Thailand's presentation, in which the central bank warned against "high uncertainties" faced by the growth and inflation forecasts. Dep God Supapongse noted that the current forecasts do not take into account the recent resurgence of Covid-19 infections.

  • The BoT said that headline inflation may edge up from Q2 and return to the bottom of the target range (+1-3% Y/Y) in mid-2021.
  • The MPC are set to maintain accommodative monetary policy stance and stands ready to use additional tools if needed. They see the need for YCC as still low for now.
  • The BoT said that the baht has weakened in line with Thailand's lower current account surplus, adding that the currency may remain volatile going forward.
  • Spot USD/THB has shown a muted reaction to the BoT's comments. The rate has trimmed the bulk of earlier losses and last trades -0.023 at THB31.435.
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