Global factors, declining dollar push up Thai baht

The Thai baht has strengthened against the US dollar given below-projected employment in the US agricultural sector and the Federal Reserve’s decision not to accelerate an increase in interest rates, according to the Bank of Thailand (BoT).

BoT spokesperson Rung Mallikamas.

BoT spokesperson Rung Mallikamas said the baht movement was normal, at mid-level, compared to other regional currencies.
She said foreign capital continued to flow into the Thai stock and bond markets in light of the unstable political situation, adding that only global factors have an impact on the baht.
Foreign capital has been flowing out of Thailand since early this year, she said.
“It’s normal that the baht is volatile but there are no abnormal signs. The strengthened baht will not affect Thailand’s export capability,” said Rung. (MCOT)

Pattaya blue-collar workers rue low Songkran season

Traiphum Janaum, a motorbike taxi driver says, “What has happened to our country this year really hurts me at heart.”

Nutsara Duangsri
Long-running political turmoil in Bangkok dampened prospects for big business during Songkran this year. While the final tab has yet to be tallied, street vendors and taxi drivers were preparing for the worst.
Motorbike-taxi driver Traiphum Janaum said he is sick of all the political rallies, as they hit him hard in the wallet as the number of tourists to Thailand dropped.

Siem Sukjaroen, a baht bus driver, believes that this year the low season has come earlier than last year.

“I want to tell all Thai people, no matter who they are, please stop getting involved in the politics and let the country go forward. Many people have to work daily to make a living, but if the economy is slow like this we may not survive.”
The 25-year-old said he planned to stage his own protest over the protests by not participating in any Songkran water play this year. “What has happened to our country this year really hurts me at heart,” he said.

Manop Sakorn, beach chair vendor at Dongtan Beach says, “I really don’t know what to do … I guess I just have to somehow bear with it.”

Baht bus driver Siem Sukjaroen also blames the Bangkok turmoil for his troubles, saying he thinks the low season hit much earlier this year with a significant drop in tourism.
Manop Sakorn, a Dongtan Beach umbrella vendor, said his business hardly gets any customers this year. “I really don’t know what to do. I guess I just have to somehow bear with it,” he said.
Salon owner Rattaporn Sarnsuwan said her beauty shop has not been making enough money this year. Because of the economic and political situation in Bangkok, everything is getting worse in Pattaya, she said. “I probably will not join Songkran festivities this year,” she said.

Beautician Rattaporn Sarnsuwan says this year things are getting worse.

Investment privileges projected to reach Bt900 billion this year

Foreign applications for investment privileges in Thailand reached Bt234 billion in the first quarter of the year, according to the Board of Investment (BoI).

Udom Wongviwatchai, BoI secretary general.

Udom Wongviwatchai, BoI secretary general, said investors applied for 291 investment projects, a 48 percent decline compared to the first quarter of last year, which involved 564 projects.
While the Bt234 billion investment value by foreign investors was 28 percent higher, total investment value saw a 10 percent decline from last year’s total value of Bt261.6 billion.
The majority of applicants were involved in automobiles and auto parts, petrochemical and power generation.
He said expansion potential was high in several industries, including auto & parts and machinery, of which investment value was Bt157 billion, 265 percent higher than the same period last year thanks to the investors’ interest in producing eco cars in the second phase.
Other highly-invested industries were service and public utilities at Bt31.4 billion, petrochemical, pulp and plastic at Bt23.2 billion, and electronics and electrical appliances at Bt11.9 billion.
He said the projection of Bt900 billion in investment privileges this year will be achievable.
Besides eco cars, other major projects involved manufacturing of electrical appliances, power generating plants, petrochemical plants and steel industrial plants.
Investors from several countries invested more in Thailand this year including the US at Bt41.065 billion, China at Bt9.403 billion and Korea at Bt9.368 billion. (MCOT)

Microchips for ATM, debit cards to tackle fraud

Commercial banks in Thailand will use microchips instead of a magnetic system on ATM and debit cards to prevent fraud, starting next year, according to the Bank of Thailand (BoT).
BoT spokesperson Rung Mallikamas said the central bank and commercial banks have been trying to find measures to prevent skimming - a fraud method in which a device is affixed to the mouth of an ATM and secretly swipes credit or debit card information when bank customers slip their cards into the machines to withdraw money.
She said commercial banks have installed anti-skimming devices at cash machines, warned people on the risks of ATM fraud, and told customers to be more cautious in using their cards.
“It’s right that commercial banks hold responsibility in case of ATM fraud, but they will have to change to a microchip system for cards to prevent skimming,” she said. (MCOT)