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MNI Bank Of Thailand Preview - March 2023: +25bp In March, Is That The End?


  • The Bank of Thailand (BoT) is widely expected to hike rates 25bp to 1.75% on March 29. The statement will be monitored closely for downward revisions to forecasts, especially core inflation, and any changes to the “gradual policy normalisation” phrasing. The breakdown of the March vote is also likely to be important.
  • Many no longer expect a further hike at the May 31 meeting given the lower-than-expected February inflation data and recent global events. There is significant uncertainty surrounding that meeting with CPIs on April 5 and May 5, BoT forecasts, the outcome of the Fed's May 3 meeting, any further banking troubles and May 14 elections all likely to influence the outcome.

For the full piece, see here.

BoT Preview - March 2023.pdf

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