The Bank of Thailand stated that the monetary policy would be “measured and gradual” to support economic recovery.
The Thai central bank’s governor Sethaput Suthiwartnarueput said at a seminar on Monday, stating that the Thai economy was recovering gradually, despite a global slowdown. The governor expected Thailand to return to pre-Covid level by early next year and affirmed his previous forecast that the economy growth would be 3.3% this year and 3.8% next year.
The governor said that the Thai economy would continue to recover gradually, supported by consumption and tourism, while stating that the monetary policy would ensure a smooth take-off.
Mr. Suthiwartnarueput noted that the weak baht was due to a strong dollar, which is an external factor. Meanwhile, the central bank affirmed that the rate hike would not need to be aggressive, but was ready to make adjustments, depending on conditions.
The monetary committee is scheduled to meet on November 30, 2022, to discuss the monetary policy. The market expects a 25bps rate hike at this meeting, according to Reuters Poll.
