ID :
149494
Thu, 11/11/2010 - 10:10
Auther :
Shortlink :
http://m.oananews.org//node/149494
The shortlink copeid
BoT urged to move baht in tandem with rival currencies
BANGKOK, Nov 11 – The Bank of Thailand (BoT) should closely supervise the baht to ensure it moves in the same direction with those of neighbouring or rival countries if it wants to maintain the export competitiveness, according to Thai Chamber of Commerce (TCC) chairman Dusit Nontanakorn.
He said the baht had risen to 29.50 to the US dollar, the strongest in 13 years. It fueled repercussions on exporters, who had been hard hit by the stronger baht in the past three to four months.
Some exporters had experienced such a great loss that they might shut down their businesses despite their continued efforts to adjust to the baht appreciation.
He expressed concern the country’s export competitiveness would be undermined if the baht were stronger than currencies of rival countries.
However, the TCC chief said he was confident that exports would grow 20 per cent as targeted this year because they had expanded more than expected in the first 11 months of this year and the gross domestic product is expected to grow 6-7 per cent.
He said if the government failed to manage the baht appropriately, it would negatively affect exports, particularly in the first quarter of next year because exporters could not 'dare' to offer the prices of their products.
At present, many exporters had already stopped receiving advance purchase orders for products, he said. (MCOT online news)
He said the baht had risen to 29.50 to the US dollar, the strongest in 13 years. It fueled repercussions on exporters, who had been hard hit by the stronger baht in the past three to four months.
Some exporters had experienced such a great loss that they might shut down their businesses despite their continued efforts to adjust to the baht appreciation.
He expressed concern the country’s export competitiveness would be undermined if the baht were stronger than currencies of rival countries.
However, the TCC chief said he was confident that exports would grow 20 per cent as targeted this year because they had expanded more than expected in the first 11 months of this year and the gross domestic product is expected to grow 6-7 per cent.
He said if the government failed to manage the baht appropriately, it would negatively affect exports, particularly in the first quarter of next year because exporters could not 'dare' to offer the prices of their products.
At present, many exporters had already stopped receiving advance purchase orders for products, he said. (MCOT online news)
