December 6, 2022

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Thai monetary policy to be measured, support recovery -central bank By Reuters

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© Reuters. FILE PHOTO: Thailand’s central bank is seen at the Bank of Thailand in Bangkok, Thailand April 26, 2016. REUTERS/Jorge Silva

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BANGKOK (Reuters) – Thailand’s monetary policy would be “measured and gradual” to support economic recovery, Bank of Thailand governor Sethaput Suthiwartnarueput told a seminar on Monday.

The economy was recovering gradually, despite a global slowdown, and should reach pre-COVID levels early next year, he said. The central bank governor said the economy was expected to grow 3.3% this year and 3.8% next year, maintaining an earlier forecast.

“The economy should reach pre-pandemic levels later this year or early next,” he said.

The economy would continue to recover gradually despite a global slowdown, supported by consumption and tourism, he said, adding that monetary policy would ensure a “smooth take-off”.

“It is not necessary to aggressively increase rates to manage inflation like others,” he said, adding that inflation peaked in the third quarter this year.