Thailand’s central bank noted that the benchmark interest rate is nearing a level of balancing price stability and economic growth. Despite 175 bps of rate hikes since the previous year, the bank has removed mentions of “gradual and measured” rate adjustments due to inflation falling below target and rising growth risks, including global recovery, local political issues, and the potential impact of the El Niño phenomenon. External demand uncertainty, especially from China, poses risks due to close trade ties.