The Latest Breaking News from the Bank of Thailand

The Thai economy is set to expand by only 3% this year, well below the Bank of Thailand's forecast of 3.6%, due to rising risks of a deeper slowdown in the global economy stemming from increasing uncertainty and banking stresses in the US and Europe, said Fitch Solutions.

Thailand recorded a current account surplus of US$1.3 billion in February, after a revised deficit of $2.1 billion in the previous month, the Bank of Thailand (BoT) said on Friday.

The Bank of Thailand is expected to raise its policy rate by 0.25 percentage points on Wednesday to contain inflation amid the economic recovery while trying to ease baht volatility, say economists.

Finance Minister Arkhom Termpittayapaisith has offered reassurance that Thai financial institutions will not be affected by the banking debacle in the US and Europe as local organisations have little exposure to such banks.

Thailand is stepping up its supervision of auto hire-purchase and leasing of cars and motorcycles to ensure consumer protection and deal with elevated household debt.

Thailand's external stability is sound with low foreign debt and high international reserves, while the economy is recovering steadily on increased tourism and domestic spending, the Bank of Thailand (BoT) said.

Thai exporters and importers are being advised to closely monitor the exchange rate and develop appropriate strategies to cope with the impact of short-term foreign exchange fluctuations.

State-owned and commercial banks have agreed to comply with the Bank of Thailand's new cybersecurity measures by the June deadline.