Thai industry minister urges central bank to curb baht
Thailand’s new Industry Minister Suriya Juangroongruangkit has urged the Bank of Thailand (BOT) to intervene more in foreign exchange markets to help private companies suffering from the strengthening baht.
Bangkok (VNA) – Thailand’snew Industry Minister Suriya Juangroongruangkit has urged the Bankof Thailand (BOT) to intervene more in foreign exchange markets to helpprivate companies suffering from the strengthening baht.
He said at a business forum inBangkok on August 5 that he will seek to discuss baht strength soon with BOTgovernor Veerathai Santiprabhob.
Businesses want the baht to be 32 perUS dollar, he said.
The baht was trading at 30.78. It hasgained 5.7 percent this year, becoming Asia's top performing currency. Thebaht's strength is further threatening exports, which are already underpressure from slowing global demand.
At a separate event, Finance MinisterUttama Savanayana told reporters that government stimulus measures to beunveiled later this month should help the economy grow more than 3 percent thisyear.
The central bank has forecast 2019growth of 3.3 percent. Last year's growth was 4.1 percent.
Meanwhile, themonetary policy committee (MPC) felt rapid appreciation of the baht might notbe consistent with economic fundamentals and could impact economic growth,according to the minutes of its June 26 meeting released on July 9.
At the meeting, policymakers left the benchmarkrate unchanged at 1.75 percent.
The committee deemedit necessary to prepare short-term capital inflow management measures ready tobe implemented at an appropriate time, as well as to continue relaxing morecapital outflow regulations to encourage a greater flow of outward portfolioinvestment by residents.
But the minutes did not say what measures wouldbe implemented.-VNA
Investments to the Eastern Economic Corridor (EEC) in Thailand expanded 15.85 percent to 195.69 billion baht (6.4 billion USD), according to the Ministry of Industry’s Department of Industrial Works (DIW).
Thailand’s exporters are estimated to lose as much as 500 billion baht (nearly 17 billion USD) worth of income from the strong baht this year, with small-scale entrepreneurs hit the hardest, according to Visit Limlurcha, Vice Chairman of the Thai National Shippers' Council (TNSC).
The Bank of Thailand is preparing measures to control short-term capital inflows, while continuing to relax restrictions on outflows to cope with the strong baht, according to minutes of a policy meeting last month.
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(Photo: bangkokpost.com) 
