BOT monitors global oil price movement
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Bank of Thailand's radar is adjusted towards the development in Egypt, as violence may affect oil transportation routes and push up global oil prices.
Methee Supapongse, senior director of the central bank, said that if the situation in the country does not escalate and affect the transportation routes from which oil from major producers like Saudi Arabia and those in the Middle East, global oil prices should not be affected much.
"We will need to monitor the situation first. If the transportation routes are not affected, it would send no impact on oil prices," he said.
The Bank of Thailand forecast 2013 inflation at 2.8 per cent, based on the assumption that Dubai crude oil would average US$105 per barrel.
Inflation in the first quarter of this year was 3.09 per cent and it was easing to 2.42 per cent in April, 2.27 per cent in May and 2.25 per cent in June.
US oil prices Wednesday settled above $100 a barrel for the first time in more than a year, hitting a 14-month peak on concerns that the political crisis in Egypt could affect the rest of the Middle East and disrupt global supplies.
Gold prices also went up. Spot gold gained as much as 0.4 per cent to $1,258.35 an ounce, and was at $1,255.15 by 1.57pm in Singapore. Prices rose 0.8 per cent yesterday as two ministers in Portugal resigned over the handling of government debt, while Egypt s army ousted President Mohamed Mursi in what he called a coup.
