SCB

The MPC maintained the policy rate at 1.50% amid economic challenges, revising GDP growth down to below 2% for 2025. It also projected low inflation, monitored deflation risks, and emphasized the need for accommodative monetary policy to support SMEs and economic recovery.

In August 2025, Thailand’s exports grew by 5.8%, significantly below expectations and down from 11.0% in July. Import values surged, leading to a trade deficit of USD 1.96 billion. Challenges include U.S. tariffs and potential additional duties.

On September 29, 2025, Thailand’s government, led by Prime Minister Anutin, expedited its Net Zero target to 2050, advancing it by 15 years. This shift mandates significant adaptation across industries, emphasizing emission reduction and aligning with international standards for economic survival.

In the June 29, 2025 spectrum auction, AIS and True acquired previously leased frequency bands, enhancing their service continuity and reducing costs. The auction raised concerns about unallocated bands limiting service quality and impacting national digital infrastructure development, necessitating competitive market policies.

As Trump anticipates a second term, economic nationalism and fiscal dominance threaten central bank independence, impacting the U.S. dollar’s standing. Global ramifications could follow, pressuring emerging markets like Argentina and Turkey, and highlighting Thailand’s need for fiscal discipline and central bank integrity.

In July 2025, Thailand’s merchandise exports valued at USD 28.6 billion rose 11% YOY, supported by strong US shipments. However, growth slowed from 15.5% in June, while imports grew 5.1%. Trade balance showed a surplus of USD 322.1 million.

The MPC unanimously cuts the policy rate by 0.25% to 1.50% to support businesses affected by U.S. tariffs and alleviate financial burdens. It anticipates slower economic growth in H2 2025 and will monitor credit contraction and baht appreciation’s impacts.

In June 2025, Thai merchandise exports rose 15.5% year-on-year to USD 28,649.9 million, supported by electronics and gold exports. However, slower growth was seen in various sectors, while imports increased by 13.1%. Trade balance recorded a surplus of USD 1,061.7 million.