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NEWS UPDATES 17 October 2009

Thai think-tank blames foreign capital outflow for weaker baht

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The current weakening of the baht stemmed from an outflow of foreign capital after investors dumped shares in the Stock Exchange of Thailand (SET), according to the Thailand Development Research Institute (TDRI).

Thai News Agency quoted Chalongphop Susangkarn, a distinguished academic at TDRI, as saying there is no definite formula to supervise the baht value. What agencies concerned must do is to oversee the baht to ensure it is not too strong when compared with other currencies of rivals, he said, adding that the capital should be allowed to flow in and out to reduce speculation.

He predicted that the US dollar will continue weakening because the US economy has not recovered clearly.

Many countries had attempted to reduce the role of the US dollar and replace it with other currencies, but it will take time because the Japanese yen and Chinese yuan remain not in position to replace the US dollar.

Regarding the Central Administrative Court’s injunction against operations of many industrial projects in Mab Ta Put Industrial Estate in Rayong, east of Bangkok, Mr. Chalongphop said the government must continue and quicken the pace of transparency as foreign investors view investment rules as having importance and that the government’s policy must be clear and definite. 



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