ID :
146133
Fri, 10/15/2010 - 10:20
Auther :
Shortlink :
http://m.oananews.org//node/146133
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Continued baht rise costs some industries Bt90-100 billion already
BANGKOK, Oct 15 – The continued strengthening of Thailand's baht currency has incurred some Bt90-100 billion in damages to the country’s industrial sector, according to the Federation of Thai Industries (FTI).
FTI chairman Payungsak Chartsutipol said various measures taken by the government to help small entrepreneurs affected by the rising baht sounded satisfactory because it enabled the entrepreneurs to import machinery to improve their product quality and boost competitiveness in the medium and long terms.
However, he conceded the latest measures issued by the government had been taken with an aim of helping only the baht surge-affected small- and medium-size enterprises (SMEs).
Regarding ongoing efforts to oversee the baht value, he said, it is the duty of the Bank of Thailand to ensure that the currency moves in the same direction with other currencies in the region.
He said the central bank is empowered to intervene in the baht movement through various approaches. One effective way is to use the capital to purchase foreign bonds.
Mr Payungsak said that FTI found various industries had already incurred around Bt90-100 billion is losses from the continued baht appreciation.
Industries affected by the stronger baht most include foods, textiles and garments, and local content-reliant production. (MCOT online news)
FTI chairman Payungsak Chartsutipol said various measures taken by the government to help small entrepreneurs affected by the rising baht sounded satisfactory because it enabled the entrepreneurs to import machinery to improve their product quality and boost competitiveness in the medium and long terms.
However, he conceded the latest measures issued by the government had been taken with an aim of helping only the baht surge-affected small- and medium-size enterprises (SMEs).
Regarding ongoing efforts to oversee the baht value, he said, it is the duty of the Bank of Thailand to ensure that the currency moves in the same direction with other currencies in the region.
He said the central bank is empowered to intervene in the baht movement through various approaches. One effective way is to use the capital to purchase foreign bonds.
Mr Payungsak said that FTI found various industries had already incurred around Bt90-100 billion is losses from the continued baht appreciation.
Industries affected by the stronger baht most include foods, textiles and garments, and local content-reliant production. (MCOT online news)
