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Economy

Bank of Thailand keeps rate steady at 0.5% despite inflation fears

Board approves decision in 4-3 vote; 2022 inflation projection raised to 6.2%

Piti Disyatat, secretary of Thailand's monetary policy committee, says four committee members voted to stand pat "to ensure that the recovery will continue to gain traction." (Photo by Rie Ishii)

BANGKOK -- Thailand kept its key policy rate unchanged at 0.5%, its central bank announced on Wednesday, resisting the pressure coming from rising prices and monetary policy tightening by its peers.

Three of the seven monetary policy committee members voted in favor of raising rates by a quarter of a percentage point, according to the central bank's announcement. The narrow vote reflects the pressure central bankers are under to tamp down inflation, which hit a 14-year high of 7.1% in May.

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