Thailand’s (Thai) central bank have chosen to boost its benchmark policy rate by 25 basis points for fourth time in a row in an effort to reduce excessive inflation and encourage economic growth.

The Monetary Policy Committee of Bank of Thailand firmly decided to increase the policy rate of 1.25 to 1.50 %, effective immediately

Committee perceives that a further gradual policy normalisation is a suitable course regarding monetary policy associated with of inflation and growth outlook

Last year, the monetary policy committee declared 25 basis point rate increases on Nov 30, Sept 28, & Aug 10. Therefore the country’s 1st rate hike since late 2018

The statement adds that Thailand’s economic growth has gained momentum. With the private consumption as well as tourism continuing to be the country’s main economic drivers.