Bank of Thailand increases policy interest rate by 25 bps to 2%

By Richard Connell

New York, Dec. 1 - The Monetary Policy Council of the Bank of Thailand raised its policy interest rate by 25 basis points to 2% at its meeting on Wednesday, according to a news release issued by the bank.

The council noted that the global economy has continued its recovery as expected, while Asian economies have grown robustly, supported by higher consumption and investment.

The council expects the domestic economy of Thailand to grow continuously next year, led by strong domestic demand and a continued growth in tourism.

Inflationary pressure remains stable at present, but the council anticipates inflation rising in line with rising demand and economic expansion.

Due to these developments, the council felt a lesser need to keep the current 'extra accommodative monetary policy stance' and raised the interest rate to 2%.

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