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Thai central bank hikes key rate by 25 bps to tame inflation

Thai central bank hikes key rate by 25 bps to tame inflation

FILE PHOTO: Thailand's central bank is seen at the Bank of Thailand in Bangkok, Thailand April 26, 2016. REUTERS/Jorge Silva/File Photo

BANGKOK: Thailand's central bank raised its key interest rate for the first time in nearly four years on Wednesday (Aug 10), lifting it by a quarter point as expected to fight surging inflation as the economic recovery gains momentum.

The Bank of Thailand's (BOT) monetary policy committee voted 6-1 to increase the one-day repurchase rate to 0.75 per cent from a record low of 0.50 per cent, which had been unchanged since May 2020.

One member voted to raise the policy rate by 0.50 per centage point. The rate was last raised in December 2018.

Seventeen of 20 economists surveyed by Reuters had expected a quarter-point hike, with the remaining predicting a half-point rise.

Source: Reuters

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