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August 25, 2010
BANGKOK (AFP) - Thailand raised its benchmark interest rate Wednesday for a second consecutive month after an unexpectedly strong performance by its economy in the face of deadly political unrest.
The Bank of Thailand increased its main lending rate by 25 basis points to 1.75 percent, following a quarter-point hike in July -- the first in almost two years.
"The Thai economy expanded faster than expected in the second quarter, despite decelerating somewhat from the first quarter due to (the) domestic political situation," said BoT assistant governor Paiboon Kittisrikangwan.
"Exports have been growing in tandem with global economic recovery, although the pace of growth is expected to slow down in the second half of the year," he said in a statement.
Official figures released on Monday showed that the Thai economy expanded by 9.1 percent in the second quarter of 2010 from a year earlier. For the six months through June, gross domestic product grew 10.6 percent.
The Thai economy has remained relatively resilient following two months of mass opposition protests, which paralysed parts of Bangkok and sparked violence that left 91 people dead, ending in a bloody army crackdown in May.
The better-than-expected second-quarter result was largely thanks to robust overseas demand for Thai-made goods, such as cars.
In July the Bank of Thailand upgraded its economic growth projection for 2010 to between 6.5 and 7.5 percent.
Before last month, the Bank of Thailand had held its benchmark rate steady for more than a year, after a series of cuts to shield the economy from the fallout of the global financial crisis. It last raised rates in August 2008.
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