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MPC

Policy rate maintained at 2.75%

The Nation

BANGKOK: -- The Bank of Thailand's Monetary Policy Committee on Wednesday decided to maintain the policy rate at 2.75 per cent per annum.

In a statement, Paiboon Kittisrikangwan, Secretary of the Monetary Policy Committee (MPC), said that the MPC viewed that as downside risks to growth subsided with inflationary

pressure in check, the current policy rate remained accommodative and conducive to growth. The MPC therefore voted unanimously to maintain the policy rate at 2.75 per cent per annum. The MPC would remain vigilant in monitoring global and domestic economic developments and stand ready to take appropriate policy action as warranted.

"The global economic outlook showed signs of stabilisation on the back of the better-than-expected economic data especially from the US and China. There was sustained improvement in the US labour and housing markets, although the fiscal cliff remained a key risk factor. China's economy appeared to regain traction with recent strengthening in all key

areas including exports, domestic consumption and investment. Meanwhile, the eurozone economy contracted, but the economic and financial outlook of the region was projected to be more stable next year as resolution to the euro debt crisis became more concrete and the core economies continued to expand in tandem with improvement in the global economy. Against this backdrop, the outlook of Asian economies has gradually improved with signs of recovery in exports, recent pick-up in China's economy, as well as buoyant domestic demand," Paiboon said.

The Thai economy continued its positive growth momentum from the previous meeting. The global impact has so far remained limited only to export-related sectors, while the greater-than-expected strength in domestic demand appeared to provide sufficient cushion against the adverse impact of export slowdown. Going forward, exports were projected to recover in the first half of 2013 on the back of anticipated improvement in the global economy. Private consumption and investment would continue to be the main growth drivers for the economy, supported by strong private sector confidence and accommodative monetary conditions with high credit growth. Inflationary pressure stabilised at a moderate level close to the previous meeting.

-- The Nation 2012-11- 28

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Thailand central bank holds rates

BANGKOK, Nov 28, 2012 (AFP) - Thailand's central bank held interest rates at 2.75 percent Wednesday citing a brightening global outlook led by the key US and Chinese economies.

The Bank of Thailand, which last month cut rates for the first time in nine months to help manufacturers, said borrowing costs remained "conducive to growth", but it pledged to react if the global economy worsens.

"There was sustained improvement in the US labour and housing markets, although the fiscal cliff remained a risk factor," it said in a statement, referring to a US political impasse over looming tax hikes and spending cuts.

"China's economy appeared to regain traction... in all key areas," it said, adding the debt-mired eurozone was also "projected to be more stable next year".

Responding to the strengthening global economy, the bank forecast Thailand's exports would grow in the first half of 2013 after a disappointing 2012.

But analysts from consultancy firm Capital Economics predicted the global economy would slow next year "which bodes ill for Thailand's manufacturing output and exports".

The kingdom's febrile politics also pose a risk looking ahead, Capital Economics said in a statement, citing last weekend's anti-government rally by an estimated 20,000 royalists which sparked clashes with police.

"A severe escalation in political tensions has the potential to delay public spending on flood-related infrastructure projects, which would be detrimental for domestic demand," it added.

Thailand suffered devastating floods in late 2011 which took a heavy toll on its lucrative manufacturing base, but its economy has since recovered strongly.

-- (c) Copyright AFP 2012-11-28