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Weaker On Headlines, Government Aims To Exert More Influence On BoT

THB

USD/THB hit highs of 36.69 post headlines from BBG that the Thailand government would look to exert more influence on the central bank, the BoT. The pair sits slightly lower now, back at 36.61. We are still slightly weaker in baht terms for the session and bucking a generally softer USD/Asia trend seen elsewhere.

  • Bloomberg states that the Thailand Government will look to nominate a more friendly BoT Chair person in September 2025 (when the position becomes available). The Chair can't influence monetary policy decisions as they don't seem to be a member of the MPC but can evaluate the governor's performance and weigh in on potential outside board member appointments (see this link).
  • These moves follow recent calls from part of the Thailand government to provide fresh monetary policy accommodation in the face of downward economic pressure. So far BoT has resisted such calls.
  • Moves to reduce BoT's independence will be seen as a THB negative all else equal. USD/THB is sub recent highs above 37.00. Note on the downside the 50-day EMA is close to 36.50.
  • On Friday we get Thailand May CPI figures.
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