Abhisit orders BoT to monitor soaring baht

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Abhisit orders BoT to monitor soaring baht

PM calls special meeting of top economic officials

Published: 3/09/2010 at 12:00 AM
Newspaper section: News

The Bank of Thailand has been ordered to keep a close eye on the baht to prevent speculation after the currency hit a two-year high against the US dollar.

Prime Minister Abhisit Vejjajiva yesterday called a special meeting of top economic officials, including Deputy Prime Minister Trairong Suwannakhiri, Finance Minister Korn Chatikavanij, central bank governor Tarisa Watanagase and Ampon Kittiampon, secretary-general of the National Economic and Social Development Board, as the baht hit its highest level since April 2008.

The baht traded yesterday at 31.15 to 31.20 to the US dollar. It has gained more than 6% against the greenback.

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About the author

: Writer: Chatrudee Theparat; Position: Business Reporter

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IAN WENSOR

Discussion 6 : 03/09/2010 at 04:34 PM6
While spending a week in Chiang Mai, I noticed falangs were conspicuous by their absence. Hotels and bars were near empty and while those who rely on tourism for income were doing it hard, they naively believed things would improve come the Loy Kratong festival however, recent civil unrest has made Thailand a good place to stay away from. and the decision to appreciate the baht will only compound the situation. The Kingdom is no longer seen as an attractive holiday destination and this latest ill conceived idea will prove to be the kiss of death for the tourist industry here.
Banjo

Discussion 5 : 03/09/2010 at 01:10 PM5
I know loads of people who are selling up here now and moving back to the UK, their pensions can not keep them in as many bers as it once used to.
faranginasia

Discussion 4 : 03/09/2010 at 11:34 AM4
An the tourism industry wonders why tourism is down. I am in Cambodia right now and would love to come back to Thailand but not at 31.20 to the US dollar. I can live here much cheaper and same lifestyle
IAN WENSOR

Discussion 3 : 03/09/2010 at 10:26 AM3
The baht is appreciating, exports are falling and the government will have to print more money to make good the shortfall. Maybe the crunch will come in three months or so when there are fewer export orders and inflation takes its toll. The government should remember, there's no such thing as a free lunch and the piper has yet to be paid.
Going Elsewhere

Discussion 2 : 03/09/2010 at 10:16 AM2
At 31 to the dollar it makes Thailand an expensive tourist destination.
It's Vietnam or Malaysia for me and my friends.
Somboon

Discussion 1 : 03/09/2010 at 05:08 AM1
A week ago, everyone was so happy the export grew more rapid than expected.

Now, the short-sightedness or lack of long-term plan is coming into picture. What are the Knights of Round Table going to do? Well, for one the other articles say political turmoils have no effects on the Richest People in Thailand. Two, the Richest will continue to reap the baht strength. Three, "Mr. Clean" now appoint another committee to look into it. Four, conclusion-business as usual while the poor around the country are in trouble (Do they care about Map Ta Phut people?).

Abhisit orders BoT to monitor soaring baht | Bangkok Post: news