ID :
160523
Sat, 02/12/2011 - 13:22
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http://m.oananews.org//node/160523
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Thailand slightly affected by latest Vietnam's dong depreciation
BANGKOK, Feb 12 (TNA) - The Bank of Thailand (BOT) says that Thai exports will be slightly affected by the latest depreciation of the Vietnamese dong--announced by Hanoi on Friday (Feb 11).
BOT Governor Prasarn Trairatvorakul acknowledged on Saturday (Feb 12) although Thai exports compete with those of Vietnam, including rice, clothes, furniture, shoes and toys, most Thai exporters have already switched to innovative technologies and only some 6 per cent of total Thai exports compete with those of Vietnam on the world market; so, the latest devaluation of the Vietnamese currency should have only minor impacts on the Thai export sector.
The BOT chief also noted that Thailand currently exports only some 3 per cent of the country's total export to Vietnam annually with a trade surplus of about 4.5 billion US dollars last year.
The State Bank of Vietnam, the country's central bank, devalued the Vietnamese currency by 9.3 per cent to 20,693 dong against the US dollar, from 18,932 dong against the greenback, marking the third and most significant depreciation since February last year, aimed to address the country's huge trade deficit and high inflation. (TNA)
BOT Governor Prasarn Trairatvorakul acknowledged on Saturday (Feb 12) although Thai exports compete with those of Vietnam, including rice, clothes, furniture, shoes and toys, most Thai exporters have already switched to innovative technologies and only some 6 per cent of total Thai exports compete with those of Vietnam on the world market; so, the latest devaluation of the Vietnamese currency should have only minor impacts on the Thai export sector.
The BOT chief also noted that Thailand currently exports only some 3 per cent of the country's total export to Vietnam annually with a trade surplus of about 4.5 billion US dollars last year.
The State Bank of Vietnam, the country's central bank, devalued the Vietnamese currency by 9.3 per cent to 20,693 dong against the US dollar, from 18,932 dong against the greenback, marking the third and most significant depreciation since February last year, aimed to address the country's huge trade deficit and high inflation. (TNA)
