The Governor of the Central Bank of Thailand, Sethaput Suthiwartnarueput, has stated that there will be no interest rate cuts in the near future, as the country’s economy continues to recover.
Key TakeawaysThe Bank of Thailand governor has ruled out any interest rate cuts in the near future, signaling a turning point in monetary policy.The country’s economic growth forecast for this year may need to be revised down due to weak exports, despite the recovery supported by tourism and consumption.The central bank’s focus will now be on the long-term economic outlook and achieving a balance that ensures stability, with the next policy meeting likely to lower the GDP growth forecast for 2023.
Despite weak exports, tourism and consumption have helped support growth, though the growth forecast for this year may need to be revised down. Inflation is falling faster than expected, and the central bank will now base its interest rate decisions on the economic outlook rather than short-term data.
The Monetary Policy Committee will consider the long-term outlook and aim to strike the right balance for the economy….
