Arkhom says 'nothing serious' as baht hits 37.78 per dollar, 16-year low

Arkhom says 'nothing serious' as baht hits 37.78 per dollar, 16-year low

FILE PHOTO: Thai baht notes are seen at a Kasikornbank in Bangkok, May 12, 2016. (Reuters)
FILE PHOTO: Thai baht notes are seen at a Kasikornbank in Bangkok, May 12, 2016. (Reuters)

The Bank of Thailand (BoT) is closely monitoring the baht currency's weakness but there has been no big concern yet, the finance minister said on Monday, as the currency hit its lowest in 16 years against the dollar.

"On baht weakness, the central bank is always taking care of what we've assigned. There isn't much of anything right now. Nothing serious still," Arkhom Termpittayapaisith told reporters.

The baht was trading at 37.78 per dollar at 2.03pm, a 16-year low against the dollar. 

So far this year It has depreciated about 11.5% against the greenback, which also hit a record high against the British pound on Monday . 

Despite headline inflation breaching the BoT's target range of 1% to 3%, the government still has no plans to adjust the range for 2023, Mr Arkhom said. The inflation target is reviewed every year.

Headline inflation was 7.86% in August, a 14-year high.

The finance ministry is tackling inflation with measures on goods and energy prices while the BoT is using monetary policy.

The central bank is expected to raise its key interest rate again on Wednesday after hiking the rate in August for the first time in nearly four years to contain inflation.

Earlier on Monday, BoT Governor Sethaput Suthiwartnarueput told a forum that the economy is improving and expanding but its recovery remains uneven between each sector.

He also said Thailand's household debt to GDP ratio was about 88% as of the end of June. 


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

Exports drop in Oct as global demand slows

Exports unexpectedly fell in October as tight monetary policy to curb inflation in major trading partners affected purchasing power and economic activity, the Commerce Ministry said on Monday.

11:50

BAFS expects jet fuel sales to surge

SET-listed Bangkok Aviation Fuel Services (BAFS) expects sales of jet fuel to grow by 50% next year, up from an estimated 4.2 billion litres in 2022, or 10.9 million litres per day, as the aviation industry recovers.

10:03

World Cup riots in Brussels after Morocco beat Belgium

BRUSSELS: Police used water cannon and teargas after coming under attack from football supporters who brought havoc to the centre of Brussels on Sunday following Morocco's shock 2-0 World Cup win over Belgium in Qatar.

09:45