Cabinet approves “2013 economic stability framework” to manage economy & baht

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BANGKOK, 28 May 2013 The Cabinet has green-lighted the initiative “2013 economic stability framework” to help manage the country’s economy and currency. 

Secretary-General of the National Economic and Social Development Board (NESDB) Arkhom Termpittayapaisith revealed on Tuesday that the Cabinet approved the “2013 economic stability framework” to control the local economic system and manage the fluctuation of the baht.

He said the framework is also intended to make sure that the implementation of the country’s fiscal and monetary policies will be cohesive in order to cement international confidence in Thailand.

Mr. Arkhom elaborated that the implementation of the framework involves the Bank of Thailand’s responsibilities to rein in the foreign exchange market and the interest rate policy, to supervise financial institutions, to control capital inflows and to manage international reserves.

For the fiscal policy implementation, the Finance Ministry will be in charge and responsible for the budget disbursement for large-scale investment projects, the loan payments by state enterprises, the tax restructuring, the promotion of overseas investment by Thai businesses and of public savings.

In addition, several ministries and state agencies will engage in measures to boost farm income, SME businesses, tourism industry, and exports, for instance.

The NESDB Secretary-General went on to say that the government will be keeping a close eye on such factors as the slower-than-expected global economic recovery, the stronger baht, and the local economic bubble.