ID :
145509
Sun, 10/10/2010 - 18:49
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Shortlink :
http://m.oananews.org//node/145509
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PM confident finance ministry’s measures to help cushion impact from baht surge
BANGKOK, Oct 10 -- Realising the serious negative impact upon small- and medium-sized exporters of the strong appreciation of Thai baht against the US dollar in the past few months, Prime Minister Abhisit Vejjajiva said Sunday that his Cabinet will consider additional measures to assist the business community when it meets Tuesday.
Finance Minister Korn Chatikavanij will present additional assistance measures to help business operators impacted by the rising baht against the US dollar, Mr Abhisit said.
The prime minister said he was confident that the measures could help reduce the burden of those who have suffered from the rising baht.
The measures are to be discussed by the Cabinet after concern was raised recently by Commerce Minister Pornthiva Nakasai that the baht appreciation of nine per cent against the dollar had negatively impacted Thai exports by as much as Bt150 billion in the past three months.
However, Mr Abhisit said he had not yet seen the figures and that he needed to assess the damages incurred to exports first.
Still, Mr Abhisit said Thailand’s exports could continue to increase but exporters’ revenues could fall due to the rising baht and, therefore, it is the government's duty to find ways to assist them.
Asked whether the government would re-introduce a 30 per cent capital control, aimed at curbing the foreign capital influx, Mr Abhisit said it is up to the Bank of Thailand to decide whether the capital inflows hurt the country’s economy.
The 30 per cent capital control measure was first imposed by the then government on December 18, 2006 and abolished on March 3, 2008 following heavy criticism from foreign investors charging that the controls were inappropriate.(MCOT online news)
Finance Minister Korn Chatikavanij will present additional assistance measures to help business operators impacted by the rising baht against the US dollar, Mr Abhisit said.
The prime minister said he was confident that the measures could help reduce the burden of those who have suffered from the rising baht.
The measures are to be discussed by the Cabinet after concern was raised recently by Commerce Minister Pornthiva Nakasai that the baht appreciation of nine per cent against the dollar had negatively impacted Thai exports by as much as Bt150 billion in the past three months.
However, Mr Abhisit said he had not yet seen the figures and that he needed to assess the damages incurred to exports first.
Still, Mr Abhisit said Thailand’s exports could continue to increase but exporters’ revenues could fall due to the rising baht and, therefore, it is the government's duty to find ways to assist them.
Asked whether the government would re-introduce a 30 per cent capital control, aimed at curbing the foreign capital influx, Mr Abhisit said it is up to the Bank of Thailand to decide whether the capital inflows hurt the country’s economy.
The 30 per cent capital control measure was first imposed by the then government on December 18, 2006 and abolished on March 3, 2008 following heavy criticism from foreign investors charging that the controls were inappropriate.(MCOT online news)
