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Central Bank Raises Key Rate By 25bp To Normalise Policy Stance

THAILAND

The Bank of Thailand's Monetary Policy Committee took a unanimous decision to raise their benchmark interest rate by 25bp to 2.00%, the highest level in eight years.

  • The decision was in line with expectations as 22 out of 24 analysts polled by Bloomberg correctly predicted the outcome of the meeting. A 25bp hike was also our bias (see preview here).
  • The BoT lowered their headline inflation forecast for this year to +2.5% Y/Y from +2.9%. The growth forecasts were left unchanged across 2023 and 2024, as was headline inflation projection for 2024.
  • The MPC said that it is monitoring upside risks to inflation and recognises upside risks to growth from the incoming administration. They added that they see the continuation of gradual policy normalisation as appropriate.
  • The MPC Secretary will hold a press briefing at 14:30ICT/08:30BST, while the minutes of the meeting will be published two weeks after the rate decision.
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