Curb baht, industry minister begs central bank

Curb baht, industry minister begs central bank

Industry Minister Suriya Jungrungreangkit speaks at the Bangkok Post Forum 2019 on Monday. (Photo by Wichan Charoenkiatpakul)
Industry Minister Suriya Jungrungreangkit speaks at the Bangkok Post Forum 2019 on Monday. (Photo by Wichan Charoenkiatpakul)

The new industry minister on Monday urged the central bank to intervene more in foreign exchange markets to help private companies suffering from the strengthening baht.

Suriya Juangroongruangkit also said at the Bangkok Post Forum that he will seek to discuss baht strength soon with Bank of Thailand governor Veerathai Santiprabhob.

"If I can beg... the central bank governor to pay particular attention to the appreciation of the baht," he said.

"The benefit for the private sector will be more than the cost spent by the central bank in intervening in the market".

Businesses want the baht to be 32 per US dollar, he said.

The baht was trading at 30.78 at 2.53pm. It has gained 5.7% this year, becoming Asia's top performing currency.

The baht's strength is further threatening exports, which are already under pressure from slowing global demand.

At a separate event, Finance Minister Uttama Savanayana told reporters that government stimulus measures to be unveiled later this month should help the economy grow more than 3% this year.

The central bank has forecast 2019 growth of 3.3%, while ING sees only 2.8%. Last year's growth was 4.1%. 


Do you like the content of this article?
COMMENT (16)

US aviation chief says Boeing 737 MAX won't be recertified until 2020

NEW YORK: Boeing's 737 MAX aircraft, which has been grounded since March following two deadly crashes, will not be cleared to fly until 2020, the top US regulator said Wednesday.

11 Dec 2019

Climate activist Greta Thunberg is Time Person of the Year

NEW YORK: Greta Thunberg, the Swedish teenager who became the voice of conscience for a generation facing the climate change emergency, was named Wednesday as Time magazine's 2019 Person of the Year.

11 Dec 2019

Thamanat in firing line as opposition eyes censure

Deputy Agriculture and Cooperatives Minister Thamanat Prompow on Wednesday brushed aside speculation he could become a target in a censure debate over the handling of Sor Por Kor land occupied by fellow Palang Pracharath MP Pareena Kraikupt.

11 Dec 2019