BOT defends monetary policy

BOT defends monetary policy

The value of baht should be at a level that reflects the economic fundamentals of the country, rather than being kept low by intervention, Prasarn Trairatvorakul, governor of the Bank of Thailand (BOT), said on Tuesday.

He was responding to questions about a report that the National Council for Peace and Order wanted the value of Thai baht to stay at 32 baht per US dollar to support the export sector.

Mr Prasarn said that he was unaware of the report, but the central bank had to keep exchange rates at a level  in line with the economic fundamentals of the nation.

Any abrupt change of the baht's value could interfere in economic issues and any unusual baht depreciation could have an impact on investor confidence and attract speculators.

Export growth should export should depend on other factors, not just a weakened baht .

Mr Prasarn said that in the first half of this year the value of baht remained stable against the US dollar and moved averagely compared with other currencies.

The baht value stood at 32.17 baht against US dollar on Tuesday.

The BOT governor sai that monetary policy in the second half of this year would be close to past policy  and it would focus on risks in relation to national economic growth and inflation.

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