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Surprise central bank move pushes rates up a half point.
Sep. 8--The Bank of Thailand surprised most observers yesterday when its Monetary Policy Committee hiked short-term interest rates by a half percentage point to help curb rising inflation.
The move increases the 14-day bond repurchase rate to 3.25 percent from 2.75 percent. Most analysts had predicted a more modest quarter-point hike.
"The MPC viewed that, while the growth momentum was strong, inflationary pressure was likely to increase and the probability of core inflation exceeded the target range," the commitee said in a statement.
Atchana Waiquamdee, a central bank assistant governor, said the MPC also believed that the current account would remain in deficit this year and next.
Given that monetary policy typically had a time lag of four to eight quarters, a preemptive ...
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