Bank of Thailand leaves key rate at record low
| By Manager Online | 2 June 2010 17:57 |
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 | | This photo was taken in January 2010. Thailand's economy grew at breakneck pace of 12 percent year-on-year in the first quarter of 2010 but deadly unrest that began in the capital in March is expected to clip the full-year performance. AFP Photo. | | |
June 2, 2010
BANGKOK 010 (AFP) - Thailand's central bank left its key interest rate unchanged Wednesday at a record low of 1.25 percent, where it has been for more than a year, citing risks from political turmoil and Europe's debt woes.
"Thailand's economic fundamentals are robust, and should enable the economy to continue growing in the second half of this year," said the Bank of Thailand, which has held its benchmark lending rate steady since April 2009.
"However, uncertainties related to the impact of sovereign debt problems in Europe and domestic political situation remain key risks to the growth outlook," it said in a statement.
Policymakers agreed that the global economic outlook had brightened, particularly in Asia, but feared public debt problems in some European countries might derail the recovery from the worst global recession in decades.
Thailand's economy grew at breakneck pace of 12 percent year-on-year in the first quarter of 2010 but deadly unrest that began in the capital in March is expected to clip the full-year performance.
"Meanwhile, inflation remains low at present but is projected to increase," the central bank said.
Thai consumer prices rose 3.5 percent in May, marking an eighth consecutive month of gains, but inflationary pressures have cooled since earlier this year.
Mass opposition rallies in the capital forced several major malls and upscale hotels to close temporarily and dealt a heavy blow to the vital tourism sector.
The army broke up the protests on May 19. The unrest has left 89 people dead since mid-March.
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