BOT deputy governor Piti Disyatat said at the IMF–WBG annual meetings in Bangkok
that the reduced use of explicit forward guidance has not materially increased
difficulty in predicting policy rates; economic shocks are the primary source of
uncertainty. He said market participants should place greater weight on the
macroeconomic backdrop to infer future rate moves. Piti added the BOT has never
issued explicit rate-path guidance; its communication is forward-looking and
highlights the factors it monitors but stops short of projecting a specific
policy-rate path.
