Key rate hiked by 25 bps to 2.50, a 10year high
Says key rate has reached 39;neutral39; level
Cuts 2023 GDP growth forecast to 2.8 from 3.6
Raises 2024 GDP growth outlook to 4.4 from 3.8
Sees upside inflation risk from government stimulus policies

BANGKOK, Sept 27 Reuters Thailand39;s central bank unexpectedly raised its key interest rate for an eighth straight meeting on Wednesday, saying economic growth and inflationary pressures should pick up next year despite rising global uncertainties.

The central bank said the rate had now reached a 39;neutral39; level and was appropriate for supporting longterm sustainable growth in Southeast Asia39;s secondlargest economy.

Economists expected Wednesday39;s move could mark the end of a yearlong tightening cycle, which has seen the key rate raised by a total of 200 basis points bps since August 2022 to curb surging inflation.

The Bank of Thailand39;s BOT monetary policy committee voted unanimously to hike the oneday repurchase rate by 25 bps to 2.50, the highest in a decade.

Only six of 27 economists polled by Reuters had predicted a quarterpoint hike, while the remaining 21 had forecast no change.

Monetary policy should aim to keep inflation sustainably within the target range, foster longterm macrofinancial stability, and ensure sufficient policy space given uncertain outlook, the central bank said in a statement.

While cutting its 2023 economic growth forecast to 2.8 from 3.6 projected earlier, the central bank…