Central bank defends its role
The Bank of Thailand (BoT) on Friday issued a statement defending its role in stabilising the country’s economy and monetary system.
- Published: 10/05/2013 at 01:08 PM
- Newspaper section: breakingnews
The statement said current news reports could be confusing to people and erode public confidence in the central bank, adding that it wants the public to understand its independent role in overseeing the foreign exchange rate and using the policy rate to boost economic growth.
The bank gave an assurance that it will perform its duty in line with the principles and standards acceptable to the international community, with the aim of stabilising the economy and the monetary system - as it has been doing for more than 70 years.
It will continue doing its utmost to ensure sustainable economic growth and better living standards for Thai people, the statement said.
The central bank has been heavily criticised for not further reducing the policy interest rate to curb the baht's appreciation, by both Finance Minister Kittiratt Na-Ranong and businesses that are worried about the cost of exports.
Bank of Thailand governor Prasarn Trairatvorakul is under extreme pressure to act, with clear warnings he may be dismissed from the job if he does not.
The BoT has traditionally viewed its main role as controlling inflation through monetary policy, rather than the exchange rate.
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- Writer: Online Reporters
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