Thailand Central Bank Raises Key Rate Further To 2.00%

RTTNews | 771 days ago
Stocktwits
Thailand Central Bank Raises Key Rate Further To 2.00%

(RTTNews) - Thailand's central bank raised its key interest rate for the sixth straight meeting on Wednesday citing high inflation risks in the near future as the economy continued to expand further on the back of strong inbound tourism.

The Monetary Policy Committee of the Bank of Thailand unanimously decided to lift the policy rate by 25 basis points to 2.00 percent. Moreover, this was the highest rate in eight years.

The MPC viewed that continued policy rate hikes were appropriate for the economic and inflation outlooks.

The bank forecast the economy to expand 3.6 percent this year and 3.8 percent in 2024, fueled by a continued increase in the number of foreign tourists. This has a positive effect on employment and labor income.

Policymakers forecast headline inflation to come in at 2.5 percent and 2.4 percent in 2023 and 2024, respectively, due to the pressure from electricity and oil prices that gradually eases.

Recent official data showed that Thailand's consumer price inflation eased to a 16-month low of 2.67 percent in April. Further, inflation remained inside the central bank's target range of 1 to 3 percent.

However, policymakers observed that there remain high inflation risks due to possible demand pressures and high core inflation.

Therefore, the policy rate should be gradually raised to a level suitable for long-term stable economic growth, the bank said in a statement.

Tags: THB
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