Thailand's central bank is set to implement a "robust" monetary policy to navigate the high uncertainties and unintended consequences in the global economy next year, as stated by Governor Sethaput Suthiwartnarueput. The bank's decisions will be based on outlook rather than solely on data, maintaining flexibility by limiting forward guidance.
Thailand will maintain its inflation target at 1% to 3% for the upcoming year, a decision reached after a meeting between Finance Minister Pichai Chunhavajira and Bank of Thailand Governor Sethaput Suthiwartnarueput. This outcome supports the central bank's stance against government pressure for a higher target, while emphasizing the need for measures to encourage price growth to 2% and bolster the economy.
The IMF declares the inflation battle largely won, noting a significant decline in global price increases without triggering a recession. While central banks, including the Federal Reserve and the European Central Bank, have begun to cut rates, they remain cautious, emphasizing readiness to adjust if inflation trends reverse. The IMF forecasts global inflation will drop to 3.5% by the end of next year, below pre-pandemic averages.
Thailand's central bank governor, Sethaput Suthiwartnarueput, indicated that further interest rate cuts are unlikely, emphasizing a high threshold for additional adjustments following last week's reduction. He cited slowing credit growth as a key reason for the recent rate cut, while defending the current inflation target amid government pressure for policy easing.
Thailand's central bank recently cut interest rates, which Governor Sethaput Suthiwartnarueput described as a "recalibration" rather than the start of an easing cycle. He emphasized that the decision was made in response to tightened financial conditions in the country.
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