Uttama shoots down sovereign wealth fund
published : 13 Jan 2020 at 16:21
writer: Wichit Chantanusornsiri
Finance Minister Uttama Savanayana on Monday ruled out the private sector's request that policymakers set up a sovereign wealth fund as a means to curb the baht's strength.
The government has no plans to establish a sovereign wealth fund because that would would require the consideration of multiple issues, including the laws and scope of investment, he said.
Many countries, including Singapore, have set up sovereign wealth funds as their laws allow them to do so, said Mr Uttama.
The baht was the top performing currency in Asia with almost a 9% gain against the US dollar in 2019. The local currency fell below 30 to the greenback shortly before the year's end. The baht has since weakened almost 1% to date this year.