BANGKOK, 6 February 2013 Bank of Thailand (BoT) Governor Prasarn Trairatvorakul said he is not pressured or threatened by the Finance Minister’s letter, calling for interest rate cut, after the BoT has suffered an accumulated loss from its dealing with the Thai currency speculations.
Finance Minister Kittiratt Na-Ranong has recently sent a letter to BoT Chairman Veerapong Ramangkul, demanding the BoT to take action on currency fluctuation and impose a rate cut to help ease the effects of Baht’s strength.
In response to the letter, the BoT governor said the move was only an act of concern and gave him no pressure, while assuring he is still doing his job. However, he declined to comment on the interest rate policy. He further revealed that the letter has been seen by the BoT board, adding any further action will rest upon the board as he could not speak on behalf of them.