Tuesday, July 1, 2008

Bank of Thailand: Economy can withstand higher rates.

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Bank of Thailand: Economy can withstand higher rates. According to news agency Reuters , Bank of Thailand (BoT) Deputy Governor Bandid Nijathaworn stated last Friday that inflation would be an important issue in the second half of the year. Nijathaworn also said that Thailand's economic fundamentals were strong enough to withstand higher interest rates. Thailand's inflation increased to a ten-year high of 7.6% in May as a result of the surge in oil and food prices. The BoT is widely expected to increase its interest rates next month in view of rising inflation. The BoT has maintained its key rate at 3.25% since July 2007. Nijathaworn said that the main risks facing the economy were high inflation and an increase in the current account deficit. Nijathaworn also said that despite the increase in oil prices, the economy had performed well, but consumer confidence was showing signs of weakening.

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Bank of Thailand: Economy can withstand higher rates.

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