Thailand's central bank on Wednesday decided to keep the interest rate unchanged at 2.75 percent, citing an increase in inflationary pressures as a result of higher oil prices and a faster-than-expected economic growth.
The members of the Bank of Thailand's Monetary Policy Committee (MPC) voted 6-1 to maintain the rate at the current level, while one member favored a quarter-point reduction in view of the risks stemming from volatile capital flows and fragile economic momentum.
The MPC said that the Thai economy may grow faster than previously projected in the periods ahead, with domestic demand being a key growth driver together with a gradual recovery of exports.
According to the central bank, the accommodative monetary policy stance contributed to sustained growth of the economy, while inflation has been kept within the target range.
The MPC's decision reflected its view of the remaining uncertainties surrounding the global economic outlook and risks to domestic financial stability including from rising asset prices.
Bank of Thailand's last policy change was in June when the interest rate was cut by 25 basis points to the current level.
The MPC today noted that the global economy has been more stable and exhibited signs of improvement since the last policy meeting.
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