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The Bank of Thailand (BoT) left its benchmark interest rate unchanged after last month’s surprise reduction, preserving its policy space as a global slowdown weighs on the economy’s outlook.The Monetary Policy Committee voted unanimously Wednesday to hold its key rate at 1.50%, the central bank said in a statement. That was in line with the forecasts of 21 of 29 economists surveyed by Bloomberg, with the rest expecting a cut to 1.25%. Authorities are providing monetary and fiscal support to an economy being hit by US-China trade tensions and a global slowdown. The BoT unexpectedly cut rates in August for the first time since 2015, with some economists predicting more easing to come The government is hoping to achieve at least 3% growth this year after launching a 316-billion-baht stimulus package last month. More measures may be deployed if needed, Finance Minister Uttama Savanayanasaid earlier this month. The baht has gained more than 6% against the dollar so far this year … [Read more...] about Bank of Thailand holds interest rate as risks to growth mount

The Bank of Thailand unexpectedly cut its benchmark interest rate Wednesday for the first time in more than four years to boost the economy, and said it sees more room to ease as global risks surge.The Monetary Policy Committee voted five to two to cut its key rate by a quarter-percentage point to 1.5%, the central bank said in a statement. Just two of the 29 economists in a Bloomberg survey expected the cut, while the rest forecast no change. The central bank earlier had resisted rate cuts, voicing concern about consumer debt and risks to financial stability. However, the economic outlook has deteriorated sharply in recent months amid escalating US-China trade tensions, a worsening drought and a surging currency, which is hurting exports and tourism. The baht has gained about 8% against the dollar in the past year, the best performer in Asia. “Sluggish exports and domestic consumption will make it very tough for the Thai economy this year,” said Prapas Tonpibulsak, chief … [Read more...] about Bank of Thailand sees more room to ease after surprise rate cut

TOKYO: The Bank of Japan maintained its ultra easy monetary policy on Tuesday (Jull 30) and said it would "not hesitate" to take further measures if needed, as lingering economic uncertainties cloud the global outlook.The move comes with central banks around the world expected to return to rate cuts in the face of nagging concerns, including the effects of US President Donald Trump's trade policies.The BoJ slightly downgraded its inflation outlook to 1.0 per cent for the year to March 2020 and 1.3 per cent for the following year, compared with previous forecasts for 1.1 per cent and 1.4 per cent respectively.The figures again fell far short of the two percent inflation that the BoJ has long set as its target - a figure seen as key to turbocharge the world's third largest economy - despite a barrage of stimulus and monetary easing packages.Japan's central bankers said they would continue to monitor "downside risks to economic activity and prices, mainly regarding developments in … [Read more...] about Bank of Japan stands pat ahead of Fed decision

Bank of Thailand sees export contraction in Q2 Recovery anticipated in second half of the year as plants relocate to Asean The export contraction will extend into the second quarter because of intensifying trade tension between the United States and China, the Bank of Thailand says. The Bank of Thailand has grown more pessimistic, reckoning that the export contraction will extend into the second quarter because of intensifying trade tension between the US and China.The export contraction for a fifth straight month in May added to the possibility of a second-quarter plunge, said Pornpen Sodsrichai, director of the central bank's economic analysis office. Outbound shipments on a balance-of-payments basis tumbled 7.2% year-on-year in May, a deeper slump than April's 3.1% contraction. May exports fell by 6.1% if gold is stripped out. For the five months to May, exports were down 4.5% year-on-year. Ms Pornpen expects shipments to claw back in the second … [Read more...] about Bank of Thailand sees export contraction in Q2

LONDON: Updates from the US Federal Reserve and the Bank of England left markets on the back foot on Thursday (May 2) as investors weighed their messages on the outlook for growth and monetary policy.A sharp drop in oil prices that followed data showing a surge in US supplies also hit energy stocks.If Asian stock markets mostly closed higher, European markets mostly moved lower as did Wall Street, after having retreated on Wednesday after the Federal Reserve dented prospects for a possible cut in US interest rates.Traders were jolted by Fed boss Jerome Powell's assessment on Wednesday of recent weak US inflation as being only "transitory".The comments came after the Fed's latest policy meeting and sank faint hopes that the US central bank would announce a rate cut later in the year.It went also against a call from US President Donald Trump to ease borrowing costs to help bolster the economy.Briefing.com analyst Patrick O'Hare said "the stock market seems to be licking its wounds … [Read more...] about US Fed Reserve, Bank of England leave markets seeing red