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ANZ analysts note that the Bank of Thailand (BoT) has held its policy rate unchanged at 1.75% today, as expected.

Key Quotes

“Importantly, the decision was unanimous, with all seven monetary policy committee (MPC) members voting for a hold, compared to two votes for a hike in February.”

“The BoT has also lowered its 2019 growth and core inflation forecasts.  With the BoT dialling back its hawkish rhetoric and growth concerns returning to the fore, further monetary policy tightening now looks unlikely.”

“We are removing the lone 25bp rate hike we had pencilled in for 2019 and now expect the central bank to keep its policy rate unchanged throughout the year.“