BoT might allow exporters to hold foreign currencies longer

0
431

BANGKOK, 28 January 2013  Bank of Thailand (BoT) Governor Mr. Prasarn Trairatvorakul said the bank will consider allowing exporters to keep foreign currencies longer in a bid to better manage their financial health as the baht is showing no sign of stability. 

According to Mr. Prasarn, the BoT will look into exporters’ as well as the private sector’s requests to extend the time they are allowed to hold foreign money. The extension is deemed as a tool to safeguard them against impacts from drastic fluctuations in the baht currency at the moment.

The governor affirmed that the central bank will do all it can to help keep the business sector afloat. He also said any suggestions from the Federation of Thai Industries regarding measures to cope with the baht appreciation will be most welcomed. However, he admitted that the BoT has not had the chance to discuss the matter with the federation yet.

Mr. Prasarn explained that the recent decline of the Thai baht was in line with the market mechanism. Nonetheless, he warned businessmen to be cautious as the global economy remains unstable and the baht has a tendency to fluctuate again.