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Despite inflation, BOT to maintain record low rates until the second half of 2023


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By Erich Parpart


The market’s consensus on the US Federal Reserve’s interest rate hike is changing, but the Bank of Thailand (BOT) is still expected to hold its rates until the second half of 2023, according to Standard Chartered Bank.


“We expect a 25 basis point per hike for four times in a row this year, between March and July,” Tim Leelahaphan, Bangkok-based economist for Vietnam and Thailand at Standard Chartered Bank told Thai Enquirer via phone on Friday.


“Some houses earlier saw more than four times this year, and some expect a 50 basis point increase at a time, but the consensus is changing, some even saw only three hikes this year,” he said.


Full story: https://www.thaienquirer.com/38243/despite-inflation-bot-to-maintain-record-low-rates-until-the-second-half-of-2023/



-- © Copyright Thai Enquirer 2022-03-05


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Central banks exist, and should exist, to control inflation. The mandate of full employment and growth is mostly, though not completely, politics. The pressure however is always toward the political end. But history shows that the real long term danger is inflation. I saw an interview recently with Charlie Munger where he made the point that it is inflation which destroys democracy. Of course I could be sarcastic and note that this is not a problem in Thailand because they have never had democracy, nor does the future look bright in that regard anyway. But the BOT should be raising rates now.

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