PM orders close watch on baht
- Published: 10/04/2013 at 03:54 PM
- Online news:
The prime minister was concerned about the persistent strengthening of the baht and had ordered its movement be closely monitored, Bank of Thailand (BoT) governor Prasarn Trairatvorakul said on Wednesday.
He was speaking after Prime Minister Yingluck Shinawatra chaired a meeting of economic ministers and senior central bank officials at Government House to discuss the Thai currency's rapid appreciation.
Mr Prasarn said Ms Yingluck directed that ministries come up with needed assistance measures for manufacturers most affected, particularly small and medium enterprises (SMEs).
The BoT governor said it was correct that the baht’s strengthening was too rapid. The central bank was working with commercial banks to assist businesses in their efforts to minimise risk because of foreign exchange fluctuations.
The BoT would closely monitor the situation and watch for anything unusual in the foreign direct investment inflow, he said.
Permanent secretary for finance Areepong Phucha-um said there was a strong possibility the baht would become even stronger. However, it was not necessary for the central bank to cut its key policy rate at this time.
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