Thai PM Doubles Down on Rate-Cut Call as Easing Bets Mount [BNN Bloomberg (Canada)]
KASIKORNBANK PCL UNSP/ADR (KPCPY)
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Source: BNN Bloomberg
“There is plenty of room” to cut the benchmark rate, leaving enough monetary policy space in case of future crisis, Prime Minister Srettha Thavisin told reporters in Bangkok. He cited Thailand's shrinking economy and negative inflation as evidence of weak business and consumption activity, that's compelling enough for an off-cycle rate decision. Most analysts, however, expect a rate cut at the central bank's next scheduled meeting in April, while Bank of Thailand Governor Sethaput Suthiwartnareuput pushed back against calls for easing. The bets have spurred a surge in foreign money into Thai stocks. Swaps are pricing in a reduction of more than 20 basis points over the next three months and global funds added Thai equities the most in more than a year in anticipation of a rate cut. The prime minister and the central bank have been engaged in an escalating feud over the direction of interest rates, unnerving investors concerned about government interference in monetary policy. Sre
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