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The Bank of Thailand (BOT)'s monetary policy committee voted unanimously to hold the one-day repurchase rate at 1.75%.
In a Reuters poll, 14 out of 15 economists had predicted no change to policy while the other forecast a quarter-point cut.
The BOT now expects 2019 economic growth of 3.3%, rather than the 3.8% seen three months ago. It predicts exports will be flat, compared with a 3.0% increase seen earlier.
The central bank forecast headline inflation of 1.0% this year, identical with its March projection.
In 2018, Southeast Asia's second-largest economy expanded 4.1%, the highest rate in six years.