Thailand's central bank on Wednesday decided to keep its policy interest rate unchanged at 2.75 percent, citing stable economic growth and potential upward pressure on inflation. The decision was in line with economists' expectations.
The Monetary Policy Committee (MPC) of the Bank of Thailand voted 5-1 to maintain the benchmark interest rate at the current level, while one member favored a quarter-percent reduction
The decision reflected the MPC's view that the Thai economy is set to moderate toward a normal trend in the first quarter of 2013, after accelerating in the previous quarter. In the coming months, growth would be driven by domestic demand, supported by favorable household income, high employment, and accommodative monetary and credit conditions.
In the second half of the year, fiscal stimulus is seen gradually picking up, in line with the start of public investment in flood management and large-scale infrastructure projects, boosting private investment further. At the same time, exports would expand slowly, reflecting the improvements in the global economy, the bank said.
According to the central bank, inflation remains within the target, but potential upward pressure from supply constraints and higher labor costs warrants monitoring.
Bank of Thailand's last policy change was in June when the interest rate was cut by 25 basis points to the current level.
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