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BANGKOK, Sept 27 - Thailand's central bank unexpectedly raised its key interest rate for an eighth straight meeting on Wednesday, saying economic growth and inflationary pressures should pick up next year despite rising global uncertainties.
The Bank of Thailand's monetary policy committee voted unanimously to hike the one-day repurchase rate by 25 bps to 2.50%, the highest in a decade. While cutting its 2023 economic growth forecast to 2.8% from 3.6% projected earlier, the central bank raised its 2024 growth outlook to 4.4% from 3.8%. Last year's growth was 2.6%.
OCBC said the BOT might be pre-empting the possible inflationary impact of the new government's stimulus plans."With inflation below target and headwinds to the economic recovery mounting, we expect interest rates to remain on hold until well into next year," Capital Economics said in note. "The current rate should be appropriate if they are no significant changes to the economy," Piti said.
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