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Friday, May 24, 2024

The Bank of Thailand predicts inflation will rise over 1.7%

The Bank of Thailand predicts inflation will rise over 1.7% and assures that the taxes will not increase.

Senior Director Sakkapop Panyanukul said most economic indicators were in line with the Bank of Thailand guideline this year. Furthermore, he affirmed an improvement in exports and a rise in inflation.

The Bank of Thailand has forecast economic growth of 3.4% this year, with exports rising 3.5%. It is due to update that data next month.

Also, the Bank of Thailand left its key interest rate unchanged at a record low of 0.5% and discarded an immediate need to adjust despite higher inflation and looming U.S. policy tightening.

The Bank of Thailand reiterated that planned interest rate hikes from the U.S. Federal Reserve would have little impact on Thailand, as its external stability remains strong with high foreign reserves and low foreign debt.

Senior Director Surach Tanboon said Thailand’s monetary policy does not follow foreign countries. However, the Bank of Thailand would monitor global developments.

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