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THAILAND: BoT Says Rate Cut Was Policy Recalibration, Not Start Of Cycle

THAILAND
EM BulletHomepagemarkets-real-timeAPACBulletGlobalEmerging Market NewsRegionThailand

The Bank of Thailand says during the ongoing media briefing that today's unexpected rate cut was to recalibrate monetary policy and does not necessarily mark the start of an easing cycle. The central bank plays down accusations that the cut was made under political pressure.

  • The BoT expects the economy to grow by 3% Y/Y in Q3 and by 4% Y/Y in Q4, while noting that the household debt-to-GDP ratio will grow if the key rate is too low.
  • Spot USD/THB last trades -0.053 at 33.307, with the initial sell-off in reaction to the BoT cut already largely unwound. The SET Index has drawn support from the rate decision, adding 1.5% so far. 
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The Bank of Thailand says during the ongoing media briefing that today's unexpected rate cut was to recalibrate monetary policy and does not necessarily mark the start of an easing cycle. The central bank plays down accusations that the cut was made under political pressure.

  • The BoT expects the economy to grow by 3% Y/Y in Q3 and by 4% Y/Y in Q4, while noting that the household debt-to-GDP ratio will grow if the key rate is too low.
  • Spot USD/THB last trades -0.053 at 33.307, with the initial sell-off in reaction to the BoT cut already largely unwound. The SET Index has drawn support from the rate decision, adding 1.5% so far.