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Central bank raises interest rate
In an attempt to spur the country's economic growth and control inflation, the Bank of Thailand (BoT) Monetary Policy Committee (MPC) on Wednesday raised its benchmark interest rate by 25 basis points to 3.75 per cent with immediate effect, according to a senior central bank official. BoT assistant governor Duangmanee Vongpradhip said the MPC had agreed at its meeting to raise its policy interest rate, which is expected to help boost the country's economy. The real interest rate at end-July this year remained contracted, said Ms Duangmanee, adding that deposit and lending interest rates contracted 4.8 and 2 per cent respectively. The Thai economy during the second quarter this year grew at a slower place than the first quarter due to lower government spending and a high rate of inflation, she said. However, declines in global oil prices and Thailand's continued impressive performance in the export area would help boost the national economy in future, Ms Duangmanee said. However, the MPC cautioned that because of a possible volatility in world oil prices plus expected local high inflation in future, inflation would remain a significant factor which needs to be closely monitored, she said. Wednesday's hike in the policy interest rate was made despite an earlier objection by Virabongsa Ramangkul, new chief economic advisor to the prime minister
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