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Thailand's central bank on Wednesday raised its benchmark policy rate for the first time in more than three years, part of measures to fight spiraling inflation.
The monetary policy committee of the Bank of Thailand increased the policy rate by 25 basis points to 0.75%, a decision in line with most market estimates.
Announcing the first policy rate hike in Thailand since December 2018, the bank said the country's "inflation outlook is still subject to upside risks."
It said the Thai economy is "projected to continue recovering with strong momentum," thanks to "a larger-than-expected number of foreign tourist arrivals following the relaxation of international travel restrictions and improved travel sentiments."
"The Committee views that the policy rate should be normalized to the level that is consistent with sustainable growth in the long term," read a statement.
"Monetary policy normalization should be done in a gradual and measured manner consistent with the growth and inflation outlook in the period ahead." -
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