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Emboldened By By-Election Victory, Pheu Thai Renews Its Calls On BoT To Cut Rates

THAILAND
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The government resumed its calls on the central bank to reduce borrowing costs, signalling that its views on monetary policy have not changed despite the recent replacement of Prime Minister Srettha Thavisin with Pheu Thai Party (PTP) leader Paetongtarn Shinawatra.

  • The Bangkok Post reported that Pichai Naripthaphan, who serves as Commerce Minister under PM Paetongtarn and was previously a key advisor to PM Srettha, said that "the BoT should help us boost growth." He also said that the central bank should manage excessive baht's strength that is now hurting exporters and noted that he would schedule a meeting with BoT Governor Sethaput Suthiwartnarueput to discuss these issues.
  • This suggests that the government's pressure on the central bank to cut interest rates may not stop despite the change of Prime Minister and the ensuing cabinet reshuffle and policy adjustments, which included tweaks to the PTP's flagship cash handout scheme.
  • The PTP received a tailwind over the weekend after its candidate Jadet Chantra defeated the People's Party's (PP's) Natachanon Chanaburanasak in a Phitsanulok’s District 1 by-election. This was the first time in 20 years when the PTP was able to swing this constituency in its favour.
  • The by-election was called after Padipat Suntiphada lost his MP status due to the recent Constitutional Court's ruling, which led to the dissolution the Move Forward Party (MFP, later succeeded by the PP) and political bans for a number of former MFP executives.
  • The PTP's win in Phitsanulok’s District 1 in a two-horse race against the PP suggests that the opposition may need to change tactics in order to be able to mount a challenge to the administration led by the PTP, whose influence over policy has increased amid a factional conflict in the once powerful military-aligned PPRP.
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The government resumed its calls on the central bank to reduce borrowing costs, signalling that its views on monetary policy have not changed despite the recent replacement of Prime Minister Srettha Thavisin with Pheu Thai Party (PTP) leader Paetongtarn Shinawatra.

  • The Bangkok Post reported that Pichai Naripthaphan, who serves as Commerce Minister under PM Paetongtarn and was previously a key advisor to PM Srettha, said that "the BoT should help us boost growth." He also said that the central bank should manage excessive baht's strength that is now hurting exporters and noted that he would schedule a meeting with BoT Governor Sethaput Suthiwartnarueput to discuss these issues.
  • This suggests that the government's pressure on the central bank to cut interest rates may not stop despite the change of Prime Minister and the ensuing cabinet reshuffle and policy adjustments, which included tweaks to the PTP's flagship cash handout scheme.
  • The PTP received a tailwind over the weekend after its candidate Jadet Chantra defeated the People's Party's (PP's) Natachanon Chanaburanasak in a Phitsanulok’s District 1 by-election. This was the first time in 20 years when the PTP was able to swing this constituency in its favour.
  • The by-election was called after Padipat Suntiphada lost his MP status due to the recent Constitutional Court's ruling, which led to the dissolution the Move Forward Party (MFP, later succeeded by the PP) and political bans for a number of former MFP executives.
  • The PTP's win in Phitsanulok’s District 1 in a two-horse race against the PP suggests that the opposition may need to change tactics in order to be able to mount a challenge to the administration led by the PTP, whose influence over policy has increased amid a factional conflict in the once powerful military-aligned PPRP.