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Higher rates needed to attract capital.
Byline: Parista Yuthamanop
Jul. 2--Thai interest rates must rise through 2006 to help draw capital inflows to offset the impact of a current account deficit, according to M.R. Pridiyathorn Devakula, the governor of the Bank of Thailand.
"Local interest rates need to be higher than overseas rates when the current account is in deficit, or otherwise we will face a depreciating baht," he said yesterday at an economics seminar.
The central bank's Monetary Policy Committee last raised short-term rates in June with a quarter-point increase to 2.5 percent. The MPC is next scheduled to meet on July 20.
Following the US Federal Reserve's latest ...
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