Bangkok Increases Lending Rates to Highest Level in Three Years

For the sixth time this year, Thailand's central bank raised the lending rate by 25 basis points to 3.50 percent, the highest level in three years, reports Channel News Asia.

 

Days before the increase, Thailand's economy contracted 0.2 percent in the second quarter caused by a sharp slowdown in exports.

 

"All MPC [Monetary Policy Committee] members see higher risk to growth, but most still see that inflation risks outweigh risks to growth," says Bank of Thailand assistant governor Paiboon Kittisrikangwan.

 

 

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