Thailand hikes rate for first time since 2018 to tame hot inflation
FILE PHOTO: Thailand's central bank is seen at the Bank of Thailand in Bangkok. REUTERS/Jorge SilvaTelegram分享群组（www.tel8.vip）是一个Telegram群组分享平台。Telegram分享群组包括Telegram分享群组、telegram群组索引、Telegram群组导航、新加坡telegram群组、telegram中文群组、telegram群组（其他）、Telegram 美国 群组、telegram群组爬虫、电报群 科学上网、小飞机 怎么 加 群、tg群等内容。Telegram分享群组为广大电报用户提供各种电报群组/电报频道/电报机器人导航服务。
BANGKOK: Thailand's central bank raised its key interest rate for the first time in nearly four years on Wednesday, lifting it by a quarter point as expected to fight surging inflation as the economic recovery gains momentum.
The Bank of Thailand (BOT), which had been among Asia's least hawkish central banks, finally joined most of its peers in raising rates as consumer inflation hovers near 14-year highs, though it stressed hikes will be gradual.
The BOT's monetary policy committee (MPC) voted 6-1 to increase the one-day repurchase rate to 0.75% from a record low of 0.50%, which had been unchanged since May 2020.
One member voted to raise the policy rate by 0.50 percentage 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.,
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The Southeast Asian country had maintained its policy focus on supporting the economic recovery, which has lagged that of its Asian neighbours due mainly to tourism curbs during the COVID-19 pandemic. The vital tourism sector has just begun to recover this year as restrictions were eased.
"The economic recovery (has) continued with momentum from higher-than-expected foreign tourism," Piti Disyatat, secretary of the MPC said in a statement.
"The Thai economy is expected to return to the pre-COVID level by the end of this year and will continue to gain traction."
The BOT had signalled gradual policy tightening to cool price pressures. Driven largely by high energy prices, the consumer price index (CPI) rose 7.61% in July from a year earlier, far above its target range of 1-3%.
Thailand's commercial banks should not rush to raise their interest rates even though the central bank will tighten monetary policy, the finance minister said earlier on Wednesday. - Reuters