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Finance Ministry eyes Monetary Policy Committee’s action on baht

The Bank of Thailand (BoT) was instructed to discuss with the Monetary Policy Committee (MPC) measures to slow down foreign capital inflow and tame the surging Thai baht, according to the deputy prime minister and finance minister.
Kittirat Na-Ranong said the BoT governor and secretary general of the National Economic and Social Development Board (NESDB) agreed that the movement of Thai currency at Bt29 to the dollar was unrealistic and could jeopardize Thailand’s exports and economy.
The BoT and NESDB chiefs held a meeting with the deputy prime minister on Friday.
The baht will continue appreciating if no action is taken on the 2.75% policy interest rate and foreign capital inflow, Kittirat said.
He said the BoT governor was told to discuss with MPC members on the advantages, disadvantages and risks of reducing the policy interest rate.
He quoted the BoT as saying that some measures have been prepared but not executed in the wake of improving market sentiment.
The Thai baht weakened Friday, April 26, to close at Bt29.36/38 to the dollar after a few rounds of adjustment during the day.
Prime Minister Yingluck Shinawatra was scheduled to hold a meeting with the finance minister and BoT governor regarding the monetary situation and possible measures this past week. (MCOT)


Intellectual property (IP) centre unveiled

To mark the World Intellectual Property Day April 26, Thailand’s Commerce Ministry unveiled a special centre for ending intellectual property and copyright infringements in an effort to have Thailand removed from the United States’ Priority Watch List.
Deputy Commerce Minister Nattawut Saikua said he will seek Cabinet endorsement of what the ministry has named the Operations Centre for the Suppression of Intellectual Property Infringement, saying it needs cooperation from 25 public and private agencies.
Names of major IP violators, if detected by the centre, will be submitted to the Revenue Department to check their tax payment status, or the Anti-Money Laundering Organization will be asked to confiscate their assets worth more than Bt500,000.
He said AMLO recently arrested a trader for violating a clothing trademark in a department store and seized Bt500,000 in his possession.
Thailand has been on the Priority Watch List in a report by the Office of the United States Trade Representative under Section 301 as amended to the Trade Act. Another PWL evaluation is scheduled this month. (MCOT)
 


Market intervention reduces central bank’s reserves by US$800 million

Thailand’s international reserves decreased by US$800 million (Bt23.4 billion) as of April 19 compared to the previous week, the Bank of Thailand (BoT) reported.
It said the latest international reserves were at US$176.8 billion (Bt5.072.9 trillion) based on an exchange rate of Bt29.25 to the dollar.
The net forward position was US$23.5 billion, or US$100 million lower than the previous week of US23.6 billion, resulting in net international reserves, including current and forward reserves, of US$200.003 billion.
It was speculated that the BoT’s diminishing reserves were due to its intervention in the Thai exchange with a spot purchase of US dollars together with its lesser intervention in the forward markets.
The BoT prefers a realistic market in accord with the market mechanism. (MCOT)


Gov’t to issue savings bonds to tackle strong Thai baht

The Finance Ministry has adopted a new fiscal policy of issuing savings bonds instead of inflation-linked bonds, a senior official said last Friday.
Permanent Secretary for Finance Areepong Bhoocha-oom said the government has generated Bt40-50 billion from inflation-linked bonds which have attracted foreign investors.
The Finance Ministry will from now on issue savings bonds for Thai people, he said, adding that the savings bonds will help cushion budget deficit and soften the strengthening baht.
Savings bonds are normally purchased by Thais at 80 percent and foreigners at the maximum of 20 percent, he said.
Areepong said the government will refrain from issuing any harsh measures as the baht weakened.
The majority of capital inflow since early this year went to the bonds market while the volumes in the stock and property markets were not that high, he added.
Foreign investors look at Thailand as a secure market with high returns especially in the property and bonds markets, he said. (MCOT)


 
HEADLINES [click on headline to view story]

Finance Ministry eyes Monetary Policy Committee’s action on baht

Intellectual property (IP) centre unveiled

Market intervention reduces central bank’s reserves by US$800 million

Gov’t to issue savings bonds to tackle strong Thai baht

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