That matched market expectations and a Reuters poll, where 19 economists out of 21 said the Thai central bank would lift the rate by 0.25 percentage point at its policy meeting on Wednesday. The bank raised rates by 25 basis points in both August and September.

Thai inflation slowed to 5.98% in October, down from 6.41% in September and a 14-year-high of 7.86% in August. But prices are still climbing relatively quickly, due largely to rampaging oil prices, forcing the central bank to keep a very close eye on inflation and continue tightening monetary policy.

Analysts said the third rate hike of 0.25 percentage point is meant to keep the Thai policy rate closer to those of other major world economies, prevent massive capital outflows and bolster the baht.

“That would help the fragile Thai economy to continue on the recovery path at a time when more tourists are coming back to help boost the growth,” said an analyst at Asia Plus Securities in Bangkok.

In September, the central bank forecast the Thai economy to grow by 3.3% this year and said it will expand by 3.8% in 2023.