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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessMNI STATE OF PLAY: Thai CB Keeps Firepower for Downside Risks
The Bank of Thailand further downgraded its expectations for growth Wednesday, while leaving benchmark rates steady as policymakers have little room to cut them further from the current record low 0.5%.
The Monetary Policy Committee downgraded growth expectations from 3.2% to 3.0%, in line with MNI's State of Play published Monday.
"Downside risks and uncertainties surrounding the economic outlook remained high in the period ahead," the BOT's policy statement said, noting the economy "would thus need support from the continued low policy rate."
The central bank cut rates by 75 basis points in the immediate aftermath of the Covid-19 outbreak last year, but has left settings unchanged since May 2020, saying Wednesday that it needs to "preserve the limited policy space" it has left to stimulate the economy.
It was necessary for the BOT to retain some firepower to act at "the appropriate and most effective timing," policymakers added.
FISCAL SUPPORT
The BOT has yet to implement Quantitative Easing, instead focusing more on supporting businesses through measures such as a USD12 billion corporate bond stabilization fund. The central bank has also been in discussions with the Government on a potential asset warehousing program where commercial banks can freeze non-performing assets from the hard hit tourism sector.
Today's BOT statement said the central bank stood ready to "support" fiscal measures by the Government, urging it to "simultaneously implement supply-side policies to support business restructuring and upskilling of labor, which would help support sustainable economic recovery in the long term."
The bank would monitor both the government response and Thailand's economic recovery in any decision to use further monetary policy measures, the statement added.
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.