The Bank of Thailand yesterday held its key interest rate steady for a 12th consecutive meeting, preserving its firepower as growth risks mount following the death of Thai King Bhumibol Adulyadej and heightened market turmoil in the aftermath of the US elections.
The central bank kept its one-day bond repurchase rate at 1.5 percent, with monetary policy committee members voting unanimously in favor, the bank said in Bangkok. All but one of the 24 economists surveyed by Bloomberg predicted the decision, with JPMorgan Chase & Co forecasting a cut.
“The committee saw the need to preserve policy space given that the Thai economy would still be facing greater uncertainties going forward,” including on the global recovery and the direction of economic policy in advanced nations, the central bank said in a statement.
Policymakers face rising risks following the death of the king, who has served as a pillar of stability in a country that has had 10 coups during his seven-decade rule.
They also have to contend with an emerging-market sell-off after US president-elect Donald Trump’s shock win in the US presidential election, which sent Thailand’s benchmark SET Index down as much as 1.6 percent yesterday.
The SET Index was 0.5 percent lower as of 3:35pm in Bangkok, while the baht rose 0.1 percent to 34.902 per US dollar.
“It is too soon to assess the impact from the US election as it will take some time for whoever wins the election to elaborate on policies,” Bank of Thailand Assistant Governor Jaturong Jantarangs told reporters in Bangkok. “Looking ahead, volatility will rise, so we want the private sector to be prepared to cope with volatility in capital movement and foreign exchange.”
Exports rose for a second consecutive month in September. Consumer prices last month rose 0.34 percent from a year earlier, the seventh straight month of gains.
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