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The Bank of Thailand lowered its policy rate by 25 bps to 1.25 percent during its November meeting, bringing the rate to its lowest since 2009, saying that a more accommodative monetary policy stance would contribute to economic growth and support the rise in headline inflation toward target. The bank also announced it will ease rules on outflows in an attempt to curb a stronger currency. Looking ahead, the Committee will continue to closely monitor development of economic growth, inflation, and financial stability, together with risks, especially impacts of trade tensions in deliberating appropriate monetary policy going forward.

The Bank of Thailand left its policy rate unchanged at 1.5 percent on its September 25th 2019 meeting, as widely expected. The move follows a 25bps cut in the previous meeting. Policymakers noted that the annual inflation rate fell to 0.52% in August from 1% in July, amid a slowdown in cost of food, and was projected to be below the lower bound of the target range due to weaker-than-expected energy prices and the global economic slowdown and it is projected to increase toward the target in 2020. The Committee added that the economy is expected to grow at a softer rate than previously assessed due to a fall in exports which affected domestic demand. Policymakers said that they will continue to monitor developments of economic growth, inflation, and financial stability, together with associated risks, namely trade tensions, and will stand ready to use policy tools as appropriate.

The Bank of Thailand slashed its policy rate by 25 bps to 1.50 percent on its August 7th 2019 meeting, for the first time since 2015, surprising markets who expected it to be left steady at 1.75 percent. Policymakers voiced concerns about the strength of the baht and underscored that a more accommodative monetary policy stance would contribute to boost the economy and support the rise of headline inflation toward target. The bank added that will continue to closely monitor developments of economic growth, inflation, and financial stability, together with associated risks, especially impacts of trade tensions.

The Bank of Thailand held its policy rate at 1.75 percent on its June 26th 2019 meeting, as widely expected. Policymakers said that the current accommodating monetary policy stance remains appropriate for economic growth given the inflation target. The Committee slashed its 2019 economic growth outlook to 3.3 percent from a preliminary 3.8 percent while unrevised its inflation forecasts (1 percent for 2019) and projected that exports will be flat. Policymakers added that they will continue to monitor developments on economic growth, inflation, and financial stability, together with associated risks, namely trade tensions.

The Bank of Thailand left its policy rate unchanged at 1.75 percent on its May 5th 2019 meeting, as widely expected. Policymakers said that the current accommodating monetary policy stance remains appropriate and would continue to monitor developments of economic growth, inflation, financial stability, and risks associated with it. The Committee noted that the economy is growing at a softer pace than expected and inflation is expected to be around the lower bound of the target range. The annual inflation rate fell slightly to 1.23 percent in April from 1.24 percent in March, amid a slowdown in cost of food and non-alcoholic beverages and housing.

The Bank of Thailand kept the policy rate at 1.75 percent on March 2019 meeting, as widely expected. The Committee said that the current accommodating monetary policy stance would remain appropriate in the period ahead and would continue to support economic growth, financial stability and inflation. For 2019, the Bank revised its economic growth forecast to 3.8 percent from 4.0 percent while inflation was 1 percent, unchanged from seen three months ago.