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The Bank of Thailand (BoT) is expected to raise the raise its 1-day repurchase policy rate by 25 basis points in November, according to the latest report from ANZ Research. The central bank has maintained its benchmark interest rate at 1.50 percent in a 6-1 vote by its Monetary Policy Committee members in its latest policy meeting held today.
Apart from the potential for headline inflation to rise at a slightly faster rate than previously assessed due to elevated crude oil prices and a more upbeat assessment of export performance, the policy statement was largely unchanged from the previous one.
Nonetheless, in a post-policy media briefing, Assistant Governor Jaturong Jantarangs said that the need to use accommodative monetary policy will continue to lessen over time, although it is hard to identify the exact time.
"We assess that conditions for policy normalisation are slowly but surely coming together. Headline inflation has now moved into the BoT’s target range whereas the growth environment seems solid," the report added.
