MNI BoT Preview-October 2025: New Governor Likely To Cut

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EXECUTIVE SUMMARY:

• The new Bank of Thailand Governor Vitai took over on October 1 and in his inaugural speech said that he would adopt accommodative monetary policy in order to support growth. So, we expect BoT  to cut rates 25bp to 1.25% in October after easing at the last meeting in August.
• Inflation holding below the bottom of BoT's 1-3% target band, lacklustre activity data, falling lending and expectations for growth to slow are all supportive of further monetary easing.
• The MPC may decide to watch and wait at its next meeting on 17 December to allow its previous easing to feed through to the economy while monitoring local political and global developments.