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Thailand raises interest rate in 3rd straight hike

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30.11.2022 11:18

Thailand raises interest rate in 3rd straight hike

Central bank says inflation to be higher in 2023 than previous projections

By Gokhan Ergocun

ISTANBUL (AA) - The Bank of Thailand raised its policy interest rate by 25 basis points on Wednesday.

The bank’s Monetary Policy Committee unanimously voted for the third hike in a row, which increases the key interest rate to 1.25%.

The bank said Thailand’s inflation rate is expected to be higher in 2023 than previous projections.

“Headline inflation is expected to be at 6.3% in 2022, peaking in the third quarter, before declining to 3.0% in 2023 and 2.1% in 2024,” read a statement.

The Thai economy is projected to grow by 3.2% in 2022, 3.7% in 2023, and 3.9% in 2024, the statement added.

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Tags: Central Bank, Interest rate, Thailand

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