ID :
136931
Tue, 08/10/2010 - 08:45
Auther :
Shortlink :
http://m.oananews.org//node/136931
The shortlink copeid
Thailand's exchange rate-affected businesses urged to brace for stronger baht
BANGKOK, Aug 10 – Finance Minister Korn Chatikavanij on Monday advised operators in Thailand's currency exchange rate-affected businesses to brace themselves for a further strengthening of the baht.
Commenting on the continued baht appreciation, he said, the currency had strengthened naturally in tandem with economic growth, boosted by a substantial export increase.
“Although the Bank of Thailand is able to manage the currency efficiently, it cannot eventually resist the market mechanism as the baht is in greater demand than the US dollar in the market,” he said.
Under the circumstances, operators in businesses affected by the currency exchange rate business must adjust themselves so that they are able to manage their business efficiently.
He said the government would attempt to broaden the economic base in order to boost the economic role of other sectors such as investment and local consumption to ensure a higher gross domestic product (GDP) growth.
Such an attempt is part of the government’s strategy to reduce dependence on exports to ease the impacts of the currency exchange rate fluctuation, he added. (MCOT online news)
Commenting on the continued baht appreciation, he said, the currency had strengthened naturally in tandem with economic growth, boosted by a substantial export increase.
“Although the Bank of Thailand is able to manage the currency efficiently, it cannot eventually resist the market mechanism as the baht is in greater demand than the US dollar in the market,” he said.
Under the circumstances, operators in businesses affected by the currency exchange rate business must adjust themselves so that they are able to manage their business efficiently.
He said the government would attempt to broaden the economic base in order to boost the economic role of other sectors such as investment and local consumption to ensure a higher gross domestic product (GDP) growth.
Such an attempt is part of the government’s strategy to reduce dependence on exports to ease the impacts of the currency exchange rate fluctuation, he added. (MCOT online news)
