Thailand raises interest rate for fifth time this year

The central bank in Thailand raised its benchmark interest rate for a fifth consecutive time, a decision widely expected as a rebound in economic activity adds to inflationary pressures.

The Bank of Thailand monetary policy committee has voted to raise the one-day repurchase rate by 25 basis points to 1.75% on Wednesday, as cited by 19 of 22 economists in a Bloomberg survey, with the remaining three saying no change.

A rebound in tourism in Southeast Asia's second largest economy is boosting activity and demand in the economy. Campaign spending for a general election due in May has caused price pressures to go up, at a time when headline inflation is still above the central bank's 1% -- 3% target range.

Wednesday s hike marks the continuing divergence of the policy path of central banks in Southeast Asia, with Thailand and the Philippines still staying their tighter course, while Indonesia and Malaysia have opted for a pause. Vietnam has already voted on a rate reduction.

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