The Thai central bank kept its key interest rate unchanged as policymakers assessed the current monetary conditions as conducive to the economic recovery.
The Monetary Policy Committee of the Bank of Thailand unanimously voted to keep the interest rate at 1.50 percent, as expected, on Wednesday.
The benchmark rate has been at the current level since April 2015, when it was reduced by a quarter basis point.
The bank said the Thai economy would continue to expand at a pace close to the previous assessment, but downside risks increased.
Looking ahead, Krystal Tan, an Asia economist at Capital Economics, said the BoT will want to keep interest rates low to support the economy, which looks to have started the fourth quarter on a softer note.
The bank projected headline inflation to gradually rise and return to the target band within the first quarter of 2017, although the timing would depend largely on future development in oil and fresh food prices.
The committee cautioned that the Thai economy would still be facing greater uncertainties going forward as fragile global economic recovery and monetary policy directions of major advanced economies might induce greater capital flow and exchange rate volatility.
Policymakers said that monetary policy should remain accommodative, and stands ready to utilize an appropriate mix of available policy tools in order to ensure that monetary conditions are conducive to the economic recovery.
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