Thailand's Finance Minister Korn Chati-kavanij says he expects the central bank to raise rates three times in total this year. Korn suggested the central bank weigh-in slower growth expected in the second half.
The Bank of Thailand has already raised its benchmark rate twice this year, once in July by 25 basis points and again on Wednesday to 1.75 percent.
Economists say, given the solid growth last quarter despite the country's political turbulence, Thailand needs to move ahead with its rate normalization. But the baht's strength is causing some concern. Its value has climbed 2.6 percent in three months.