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Thai Central Bank Holds Interest Rate At 3%

Policymakers at Bank of Thailand on Wednesday voted unanimously to hold the key interest rate steady at 3 percent, as widely expected. This followed a two consecutive rate cuts in November and January.

The Monetary Policy Committee (MPC) judged that the current level of the policy rate is appropriate in supporting economic recovery, while still consistent with keeping inflation within target.

According to official data, Thai inflation eased marginally to 3.35 percent in February from 3.38 percent in January. The core inflation rate was 2.72 percent, with in the bank's target of 0.5-3 percent.

The MPC noted that inflationary pressure had edged up and the risks from the global economy had decreased. The recovery in the Thai economy is gaining momentum, the MPC said in a statement.

The economy contracted 9 percent year-on-year in the fourth quarter as widespread floods during the period severely affected industrial production and investment. The government forecast the economy to grow 5.5-6.5 percent this year .

by RTT Staff Writer

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