Google

ASEANAFFAIRS
Sign up | Log in

    ASEAN PROFILES

  ASEAN KEY DESTINATIONS

Home  >>   Daily News  >>   Thailand News  >> Economy  >> Thai PM says c.bank may impose additional baht measures
NEWS UPDATES Asean Affairs   31 May 2013  

Thai PM says c.bank may impose additional baht measures

Thailand's prime minister said the central bank could take more action to ensure stability in the baht after Wednesday's interest rate cut, which the government had pushed for as a way of holding down the currency.

"I strongly believe that the central bank will probably impose more measures to alleviate the impact of the baht on exporters," Yingluck Shinawatra told reporters on Thursday, adding that the Bank of Thailand might want to see the impact of the rate cut first.

"The government has long wanted to see a rate cut. It wants to see the baht stable and competitive. The level the baht should be at is the job of the central bank and relevant agencies to consider," she added.

On Wednesday, the Bank of Thailand's seven-member monetary policy committee (MPC) voted unanimously to cut the benchmark interest rate by 25 basis points to 2.50 per cent.

For months, Finance Minister Kittirat Na Ranong had called on the MPC to ease policy to deter capital inflows, which in April pushed the baht up to a 16-year high of 28.55 per dollar, and to help exporters.

He kept up the pressure after data last week showed the economy contracted in the first quarter. He was not particularly pleased with the cut when it came, saying the quarter-point trim was too late and too small, but "better late than never".

PEAKING, THEN EASING

Since the baht's April peak - when put it up 7 per cent against the dollar this year - the Thai currency has slipped back. On Thursday, it was trading at around 30.17, up just 1.5 per cent against the dollar.

Kittirat said on Wednesday that laws had been amended to allow speedy action on the currency if required, but he did not elaborate. Previously, he has said he reached agreement with the central bank on measures to hold down the currency but these have not been announced.

The finance minister and central bank officials have ruled out tough capital controls because that could hurt investors' confidence in the country.

Various sources have said the measures could include restrictions on foreigners' buying of short-term central bank paper and minimum holding periods for government debt they buy.

Heavy inflows into the bond market, especially into short-term paper, were a big factor behind the rise in the baht in the early months of this year.

Prime Minister Yingluck said the government wanted to see less foreign money flowing into the bond market but more coming into the real economy.  Reuters




Reach Southeast Asia!
10- Nations, 560- Million Consumers
And $1 -Trillion Market
We are the Voice of Southeast Asia Media Kit
The only Media Dedicated to Southeast Asia Advertising Rates for Magazine
Online Ad Rates
Contact: marketing@aseanaffairs.com

Comment on this Article. Send them to  your.views@aseanaffairs.com

Letters that do not contain full contact information cannot be published.
Letters become the property of AseanAffairs and may be republished in any format.
They typically run 150 words or less and may be edited
 
or
submit your comment in the box below



 
Today's  Stories    31 May 2013 Subsribe Now !
• SGX welcomes Asian Pay Television Trust to Mainboard Subcribe: Asean Affairs Global Magazine
• HDB launches 8,000 flats for sale under joint BTO and SBF exercise Asean Affairs Premium
• Thai bourse helps listed companies prepare for sustainable investment trend
• Malaysia Airports takes KLIA2 contractors to task for delay in completion
Research Reports
on Thailand 2007-2008

•Textiles and Garments Industry

•Coffee industry

•Leather and footwear industry

•Shrimp industry

• Oil leak at Shell petrol station along Sembawang Road contained
• BURSA MALAYSIA SECURITIES PUBLICLY REPRIMANDS VTI VINTAGE BERHAD FOR BREACHES OF MAIN MARKET LISTING REQUIREMENTS
• Thai PM says c.bank may impose additional baht measures
Asean Analysis            31 May 2013 Advertise Your Brand
• Asean Analysis- May 31, 2013• Asean Analysis- May 31, 2013
WHEN WILL CHILDREN NO LONGER DIE OF HUNGER?
• Asean Analysis- May 31, 2013
Indonesia for Indonesians: Can the United States Relate?
• Asean Analysis- May 30, 2013
Asean Stock Watch     31 May 2013
• Asean Stock Watch-May 31, 2013  

ASEAN NEWS UPDATES      Updated: 04 January 2011

 • Women Shariah scholars see gender gap closing
• Bank Indonesia may hold key rate as inflation hits 7 percent
• Bursa Malaysia to revamp business rules
• Private property prices hit new high in Singapore • Bangkok moves on mass transport
• Thai retailers are upbeat
• Rice exports likely to decline • Vietnamese PM projects 10-year socioeconomic plan

ASEAN  ANALYSIS

This year in Thailand-what next?

AseanAffairs   04 January 2011
By David Swartzentruber      

It is commonplace in journalism to write two types of articles at the transition point between the year that has passed and the New Year. As this writer qualifies as an “old hand” in observing Thailand with a track record dating back 14 years, it is time take a shot at what may unfold in Thailand in 2011.

The first issue that can’t be answered is the health of Thailand’s beloved King Bhumibol, who is now 83 years old. He is the world's longest reigning monarch, but elaborate birthday celebrations in December failed to mask concern over his health. More

 

Name

Name


Email

Email



1.  Verifier

1. Verifier

For security purposes, we ask that you enter the security code that is shown in the graphic. Please enter the code exactly as it is shown in the graphic.
Your Code
Enter Code

Home | About Us | Contact Us | Special Feature | Features | News | Magazine | Events | TV | Press Release | Advertise With us

Our Products | Work with us | Terms of Use | Site Map | Privacy Policy | Refund Policy | Shipping/Delivery Policy | DISCLAIMER |

Version 5.0
Copyright © 2007-2015 TIME INTERNATIONAL MANAGEMENT ENTERPRISES CO., LTD. All rights reserved.
Bangkok, Thailand
asean@aseanaffairs.com