ID :
142317
Thu, 09/16/2010 - 10:03
Auther :
Shortlink :
http://m.oananews.org//node/142317
The shortlink copeid
FTI chief backs BoT’s move to supervise baht
BANGKOK, Sept 16 – Federation of Thai Industries (FTI) chairman Payungsak Chartsutipol on Wednesday voiced support for the Bank of Thailand (BoT) clear signal that it would supervise the baht appreciation to ensure it moves by a planned economic mechanism.
Mr Payungsuk said he agreed with the central bank’s move to cope with the inflow of foreign capital to speculate on the baht.
He believed the central bank's response could contain the volatility of the baht and bring the Thai currency to move in the same direction with other currencies in the region.
Mr Payungsak said the private sector could accept the central bank managing the baht to ensure it moves in a range of around 31-32 to the US dollar.
However, he conceded the baht had strengthened more rapidly than other currencies in the past one to two weeks.
A money dealer at CIMB Thai Bank said the baht had moved in a range of 30.75-30.77 to the US dollar at the opening of the market on Wednesday upon rumours in the money and stock markets that the central bank might impose a stern measure to contain the baht surge.
The rumours caused the Stock Exchange of Thailand (SET) composite index to plunge by more than 17 points in Wednesday’morning trading. (MCOT online news)
Mr Payungsuk said he agreed with the central bank’s move to cope with the inflow of foreign capital to speculate on the baht.
He believed the central bank's response could contain the volatility of the baht and bring the Thai currency to move in the same direction with other currencies in the region.
Mr Payungsak said the private sector could accept the central bank managing the baht to ensure it moves in a range of around 31-32 to the US dollar.
However, he conceded the baht had strengthened more rapidly than other currencies in the past one to two weeks.
A money dealer at CIMB Thai Bank said the baht had moved in a range of 30.75-30.77 to the US dollar at the opening of the market on Wednesday upon rumours in the money and stock markets that the central bank might impose a stern measure to contain the baht surge.
The rumours caused the Stock Exchange of Thailand (SET) composite index to plunge by more than 17 points in Wednesday’morning trading. (MCOT online news)
