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Economy

Thailand raises key rate for first time in seven years

Central bank moves before general election-related uncertainty sets in

For the Bank of Thailand, one of the reasons for raising the interest rate was to tame a side effect from prolonged accommodative monetary policy.   © Reuters

BANGKOK -- The Bank of Thailand, the nation's central bank, has raised its key interest rate for the first time since 2011, in a move to ease growing financial concerns and potential market uncertainty related to the upcoming general election in February.

Following a meeting of its monetary policy board, the bank lifted the overnight repo rate by 0.25 percentage points to 1.75% on Wednesday.

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