20 Apr '11, 2pm

Thailand lifts rates again to curb inflation

Thailand lifts rates again to curb inflation

BANGKOK - Thailand's central bank raised its official interest rate Wednesday for the sixth time in less than a year in an attempt to contain inflation. The Monetary Policy Committee (MPC) voted six to one to increase the official cost of borrowing to 2.75 percent, up from 2.50 percent previously, and said in a statement it was ready to take further action if needed. The central Bank of Thailand has lifted its key rate by a total of 150 basis points since July 2010. The latest move came just hours after official figures showed exports jumped almost 31 percent in March from a year earlier, hitting an all-time high in a boost to the economy's recovery from a soft patch in mid-2010. "The Thai economy continued to expand well in the first quarter, supported by internal and external demand," the bank's assistant governor Paiboon Kittisrikangwan said in a statement. A slowdown i...

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

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