Statement by the Bank of Thailand:
The global economy recovered at a moderate pace, with greater growth differentials across regions. Recovery in the euro area and Japan remained weak, though benefits from sustained policy support should become more evident in the periods ahead. The US continued to recover firmly, while Asian economies expanded as expected.
Latest data suggested that improving private confidence and a rebound of private and public spending have shored up domestic demand, which should help sustain economic momentum. Nevertheless, supply-side limitations and low agricultural prices have affected exports. Tourism has begun to recover slowly towards its normal trend. Meanwhile, the financial system and inflation remained stable.
The committee judges that the current degree of monetary accommodation is still needed given an early stage of recovery, and does not pose risks to financial stability. The committee thus voted unanimously to maintain the policy rate at 2.00 percent per annum. Two MPC members were unable to attend this meeting.