“No Need to Follow Fed’s Moves,” Thai Central Bank’s Governor Says

The Thai central bank does not need to follow the U.S. Federal Reserve’s moves, according to the statement by the central bank chief in a symposium on Thursday.

The statement came after the Bank of Thailand (BOT) raised its key interest rate by 25 basis points to 1.00% to slow down inflation, while adding that the central bank is ready to adjust the pace of tightening monetary policy if needed, according to the Bank of Thailand Governor Sethaput Suthiwartnarueput.

However, the rate hike did little to none to buoy falling Thai baht as the currency as of this morning is still above THB38.00, which is its 16-year low against the US dollar.

The Bank of Thailand kept its 2022 GDP growth forecast for Thailand at 3.3%, but lowered its forecast for 2023 to 3.8% from 4.2%.