Thailand ready to adjust current policy rate due to concerns over Middle East conflict
Thailand's current policy rate is appropriate for the economy, but the country is ready to make "adjustments" if needed in the context of increasing risks across the world and concerns over the Middle East conflict, said Governor of the Bank of Thailand (BoT) Sethaput Suthiwartnarueput.
Bangkok (VNA) – Thailand's current policyrate is appropriate for the economy, but the 🅘country is ready to❀ make"adjustments" if needed in the context of increasing risks across theworld and concerns over the Middle East conflict, said Governor of the Bank of Thailand (BoT) Sethaput Suthiwartnarueput.
The governor said that Southeast Asia's secondlargest economy is still expected to grow close to the forecast of 2.8% thisyear although third-quarter growth might be softer than expected. The central bank's growth forecast of 4.4% for 2024 willbe revised if there is any change in the government's stimulus plan, he added.Last year, the Thai economy grew 2.6%. Sethapiut said that the BoT isconcerned about the fallout from the conflict in the Middle East, according toReuters. Last month, the BoT's monetary policy committeeunexpectedly raised the key interest rate by a quarter point to2.50%, the highest in a decade, saying growth and inflation are likely to pickup next year. The rate has been raised by a total of 200 basis pointssince August last year to rein in elevated inflation. The governor said that thebaht currency has been more volatile than its peers due to external factors andcapital outflows from the country. The baht has fallen about 4.4% against the US dollar sofar this year, with capital outflows at 308 billion baht (8.53 billion USD)since the beginning of this year./.
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Illustrative photo (Photo: Reuters) 
