ID :
92053
Sat, 11/28/2009 - 16:58
Auther :
Shortlink :
http://m.oananews.org//node/92053
The shortlink copeid
Economic ministers closely monitor impact from Dubai debt
BANGKOK, Nov 28 (TNA) -- Thai Prime Minister Abhisit Vejjajiva said Saturday that economic ministers are monitoring the impact, if any, from the recent Dubai debt crisis and Vietnam’s devaluation of the dong currency on the Thai economy and will send results to him next week.
Mr Abhisit said the economic ministers would report to him on any impact which could result from the two issues next Wednesday.
There is still no need to adjust measures on Thailand’s exports because exports in the past few months performed positively, he said.
However, concerned officials must closely watch Thai goods which are “exported and compete directly” with Vietnam, as that country will have a competitive edge over Thailand after it has devalued its currency, said Mr Abhisit.
On the fallout from the Dubai’s debt crisis which has raised concerns over the new financial turmoil in the world, Mr Abhisit said, the problem had already affected global trade and investment markets and, therefore, is necessary to map out measures to prevent the problem from getting out of hand.
If the problems do not become worse, their effects will be minimal on Thailand, he added.
The city-state's main investment arm, Dubai World, disclosed earlier this week that it was asking for at least a six-month delay on paying back its US$60 billion debt. Several credit agencies have slashed the debt ratings on Dubai’s state companies as they consider the plan as a recognition of dd default.
The State Bank of Vietnam (SBV) set the interbank exchange rate at 17,961 dong to one US dollar from Thursday, against 17,034 Wednesday, effective Thursday.
The SBV is to raise rates to 8.0 per cent from December 1 to "contribute to macroeconomic stabilisation, control inflation and maintain sustainable economic growth in 2010", according to the bank’s online statement.
The Vietnamese government wants to keep its 2009 annual inflation at 7.0 per cent, after reaching 23 per cent in 2008. (TNA)
Mr Abhisit said the economic ministers would report to him on any impact which could result from the two issues next Wednesday.
There is still no need to adjust measures on Thailand’s exports because exports in the past few months performed positively, he said.
However, concerned officials must closely watch Thai goods which are “exported and compete directly” with Vietnam, as that country will have a competitive edge over Thailand after it has devalued its currency, said Mr Abhisit.
On the fallout from the Dubai’s debt crisis which has raised concerns over the new financial turmoil in the world, Mr Abhisit said, the problem had already affected global trade and investment markets and, therefore, is necessary to map out measures to prevent the problem from getting out of hand.
If the problems do not become worse, their effects will be minimal on Thailand, he added.
The city-state's main investment arm, Dubai World, disclosed earlier this week that it was asking for at least a six-month delay on paying back its US$60 billion debt. Several credit agencies have slashed the debt ratings on Dubai’s state companies as they consider the plan as a recognition of dd default.
The State Bank of Vietnam (SBV) set the interbank exchange rate at 17,961 dong to one US dollar from Thursday, against 17,034 Wednesday, effective Thursday.
The SBV is to raise rates to 8.0 per cent from December 1 to "contribute to macroeconomic stabilisation, control inflation and maintain sustainable economic growth in 2010", according to the bank’s online statement.
The Vietnamese government wants to keep its 2009 annual inflation at 7.0 per cent, after reaching 23 per cent in 2008. (TNA)
