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Thailand raises interest rate in 3rd straight hike

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.

source: News Feed
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