Monetary policy puzzles
Date: Wednesday 15 November 2023
Monetary policy action in Asia is posing some puzzles. Bank Indonesia, an inflation-targeting bank, raised rates even with inflation in the lower end of their target band. Bank Negara Malaysia did not raise rates even though the currency is at a historical low and imports are close to 70% of GDP. The Thai economy is struggling, inflation is below target, and yet interest rates are at a ten year high. We try and explain these apparent anomalies and present the likely outlook on monetary policy in Asia.
Arup Raha
Head of APAC Economics
+65 6850 0124
Arup Raha
Head of APAC Economics
Singapore
Arup Raha is the Head of APAC Economics at Oxford Economics. He leads a strong 10-member team with responsibility for the coverage of several Asian economies, including China, Japan and India. Arup started his career as an economist with the World Bank in Washington DC and then went on to build a successful career in the financial services industry. Arup has previously been the Chief Economist for Asia-Pacific for 3 global banks, namely UBS, Citi and HSBC and has also been the Head of India Equity Research for JP Morgan. Arup has a B.A. (Honors) in Economics from St Stephen’s College, Delhi, a M.A. in Economics from the Delhi School of Economics, and a Ph.D in Economics from Vanderbilt University in the US.
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