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TCB holds interest rates

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Posted 16 May 2018 - 07:34 PM

NOTE -- The dollar has been strengthening vs the baht since early April and was trading at $32.12 at time of this posting. You can check current exchange rates for all currencies at the following link.



From Bloomberg News


Thailand’s central bank left its benchmark interest rate unchanged near a record low, and said it doesn’t feel pressure to join a global wave of tightening that’s swept along some peers in Southeast Asia.


Monetary policy committee members voted unanimously to hold the one-day bond repurchase rate at 1.5 percent, where it’s been since 2015, according to a Bank of Thailand statement on its website on Wednesday. All 23 economists surveyed by Bloomberg predicted the decision. One committee member was unable to attend the meeting, the central bank said.


The cushion of high foreign-exchange reserves makes it possible for the Thai central bank to independently focus its policy on the local economy, Assistant Governor Jaturong Jantarangs said in a briefing in Bangkok.


Four years after the military seized power, the economy remains dependent on exports and tourism and companies are reluctant to invest at home. Strong foreign-reserve buffers and a current-account surplus are helping to shield the nation from emerging-market volatility, giving the central bank scope to skirt a wave of policy tightening as the U.S. raises rates.


Continues with Bloomberg analysis





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