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The Phuket News Novosti Phuket Khao Phuket

Thailand keeps interest rates steady

Thailand keeps interest rates steady

Thailand's central bank kept its benchmark interest rate unchanged on Wednesday as it weighed the declining risk from the European debt crisis against rising inflationary pressure.

Wednesday 21 March 2012, 04:38PM


The Bank of Thailand's monetary policy committee voted to maintain the rate at 3.00 percent following two cuts in January and November to stimulate the economy following last year's severe floods.

"The risks from the global economy have decreased and the recovery in the Thai economy is gaining momentum. At the same time, inflationary pressure has edged up," Paiboon Kittisrikangwan, secretary of the Monetary Policy Committee, said in the statement.

Siam Commercial Bank chief economist Sutapa Amornvivat said Thailand was likely to keep its policy rate at 3.00 percent for a while.

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"The pressure from the global economy has been easing, and the banks already adjusted the rate following the central bank's policy, so there is no need for the MPC to cut its rate," said Sutapa.

AFP

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