The Bank of Thailand will raise interest rates by a modest quarter-point on Wednesday for a third straight meeting amid fragile tourism-reliant growth and signs inflation has started to ease, a Reuters poll of economists found.
All but two of the 19 economists in the Reuters Nov. 21-25 poll expect the BOT to raise its benchmark one-day repurchase rate
"We expect a relatively more modest recovery of the Thai economy and hence a less aggressive BOT compared to the rest of major and regional central banks on the back of easing inflation which may result in rather persistent weakness in the Thai baht," said Enrico Tanuwidjaja, an economist at UOB. The U.S. Federal Reserve has increased rates by 375 basis points so far in this cycle, with 75 basis point moves at the last four meetings and another 50 dueDespite the wide interest rate gap, the baht has been one of the top performers in emerging market currencies, depreciating only about 7% so far this year.
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