Uttama shoots down sovereign wealth fund

Uttama shoots down sovereign wealth fund

Finance Minister Uttama Savanayana speaks at the Bangkok Post Forum on Aug 5, 2019. (Bangkok Post file photo)
Finance Minister Uttama Savanayana speaks at the Bangkok Post Forum on Aug 5, 2019. (Bangkok Post file photo)

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.


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