ID :
144513
Sat, 10/02/2010 - 11:20
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http://m.oananews.org//node/144513
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Industrial federation urges Thai central bank, finance ministry to curb foreign currency influx
BANGKOK, Oct 2 (TNA) – The Bank of Thailand (BoT) and the Finance Ministry should step up efforts to find effective measures to curb the influx of foreign currencies because foreign capital had already flowed into Thailand in an amount of Bt100 billion, according to the Federation of Thai Industries (FTI).
FTI chairman Payungsak Chartsutipol said he wanted to call on the central bank and the Monetary Policy Committee to keep the policy interest rate unchanged at 1.75 per cent. In addition, the SME Development Bank should lend some Bt5 billion to help boost liquidity for SME exporters affected by the rising baht.
Speaking of his meeting with representatives of the industrial groups, trade associations, and exporters affected by the stronger baht, he said he was informed that a number of industries counting on domestic raw materials remained high while exporters, particularly SMEs, began to suffer losses.
He conceded that the export surge by 23.9 per cent in August was considered high, but exports in the first eight months this year rose by only 24.3 per cent, resulting in revenue earned by the country dropping by Bt98.53 billion.
“I want the central bank governor to try to stabilise the baht and consider raising the policy interest rate at an appropriate time.
FTI representatives prepare to meet senior executives and officials of the central bank, the Finance Ministry and the Commerce Ministry to discuss measures to contain the baht appreciation,” he said.
"The FTI is ready to meet central bank, the Finance Ministry and the Commerce Ministry officials to discuss measures to contain the baht appreciation,” he said. (MCOT online news)
FTI chairman Payungsak Chartsutipol said he wanted to call on the central bank and the Monetary Policy Committee to keep the policy interest rate unchanged at 1.75 per cent. In addition, the SME Development Bank should lend some Bt5 billion to help boost liquidity for SME exporters affected by the rising baht.
Speaking of his meeting with representatives of the industrial groups, trade associations, and exporters affected by the stronger baht, he said he was informed that a number of industries counting on domestic raw materials remained high while exporters, particularly SMEs, began to suffer losses.
He conceded that the export surge by 23.9 per cent in August was considered high, but exports in the first eight months this year rose by only 24.3 per cent, resulting in revenue earned by the country dropping by Bt98.53 billion.
“I want the central bank governor to try to stabilise the baht and consider raising the policy interest rate at an appropriate time.
FTI representatives prepare to meet senior executives and officials of the central bank, the Finance Ministry and the Commerce Ministry to discuss measures to contain the baht appreciation,” he said.
"The FTI is ready to meet central bank, the Finance Ministry and the Commerce Ministry officials to discuss measures to contain the baht appreciation,” he said. (MCOT online news)
