24 Aug '11, 1pm

Thailand lifts rates despite economic jitters

BANGKOK : Thailand's central bank raised its key interest rate on Wednesday for the sixth time this year, saying inflation was a bigger threat than slowing global economic growth. The Bank of Thailand's Monetary Policy Committee voted 5-2 to increase the key lending rate by 25 basis points to 3.50 percent, the highest level in about three years. Thailand has lifted its key interest rate by 225 basis points since July 2010 to tame inflation, which stands at about four percent on an annual basis. The latest move came just a day after government data showed the economy contracted 0.2 percent in the second quarter as supply shortages caused by Japan's massive earthquake led to a sharp slowdown in exports. "All MPC members see higher risk to growth, but most still see that inflation risks outweigh risks to growth," said Bank of Thailand assistant governor Paiboon Kittisrikangwa...

Full article: http://www.channelnewsasia.com/stories/afp_asiapacific_bu...

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