The 25 bps rate hike to 2.50% is aimed at inflation control as the government readies for stimulus.
The Bank of Thailand’s omission of any reference to future rate increases suggests a possible end to its tightening cycle.
“The Committee deems the current policy interest rate to be appropriate for supporting long-term sustainable growth,” the BOT said in a statement, signalling a neutral stance. “Going forward, the Committee will take into account growth and inflation outlook, including upside risks from government economic policies.”
Prime Minister Srettha Thavisin’s cabinet approved a raft of measures this month ranging from energy subsidy to cash handouts to drive domestic demand. Similarly, the BOT lowered its projection for headline inflation in 2023 to an average of 1.6% this year while raising estimates for 2024 to 2.6%. Both are well within the BOT’s 1%-3% target.
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