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Financial News: Thai Central Bank Keeps Rate Unchanged

Thai Central Bank Keeps Rate Unchanged

05/16/2018 - 03:47:00 (RTTNews)

(RTTNews) - Thailand's central bank kept its key interest rate unchanged on Wednesday, as widely expected.

The Monetary Policy Committee unanimously voted to hold its key rate at 1.50 percent. One MPC member was unable to attend the meeting.

Policymakers assessed that the current accommodative monetary policy stance remained conducive to the continuation of economic growth and should support the rise of headline inflation toward target in a sustainable manner.

The MPC said it stands ready to utilize available policy tools to sustain economic growth while also ensuring financial stability.

The Thai economy as a whole was projected to continue to gain further traction particularly on the back of external demand.

Headline inflation was projected to rise gradually as fresh food prices remained low due to high agricultural output thanks to favorable weather conditions. Core inflation was forecast to rise slowly as demand-pull inflationary pressures remained low.

Krystal Tan, an economist at Capital Economics, said the bank is expected to resist rate hikes. The consensus is split roughly between those expecting rate hikes and those forecasting rates will remain on hold in 2018.

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