Bank of Thailand raises key interest rate

The Bank of Thailand (BoT) raised its key interest rate by 25 basis points for a third straight meeting on Wednesday, as it tries to contain above-target inflation while supporting an economic recovery facing increasing global headwinds.

The BoT’s monetary policy committee voted unanimously to raise the one-day repurchase rate to 1.25% at its final review of the year.

All but two of the 19 economists surveyed by Reuters had expected a quarter-point hike while the remaining two had predicted no policy change.

– Current account surplus –

The central bank said in a statement on Wednesday that Thailand recorded a current account surplus of US$0.8 billion in October after a surplus of $0.6 billion the previous month.

Exports, a key driver of growth, fell 3.6% year-on-year in October, with imports up 5.4% year-on-year. The trade surplus stood at copy.7 billion, the BoT said.