BANGKOK, 23 August 2013 The Commerce Minister has expressed his belief that the Bank of Thailand (BoT) will be closely monitoring the baht situation, while affirming that the ministry will not intervene.
According to Commerce Minister Niwatthamrong Boonsongpaisan, he believes the BoT will keep a watchful eye on the situation of the baht, which has just hit a three-year-low. If the value of the Thai currency drops further, the BoT will likely draw up strict measures to shore up its value. However, he affirmed that the Commerce Ministry would not intervene as the central bank was solely in charge of the issue, said the Minister.
He added that the baht depreciation also has a positive effect on the country’s export sector, but whether it’s good for the export industry as a whole will have to be discussed.
He said he would call for a meeting with economy-related agencies in September to go over the country’s export target and discuss the impacts of the Thai currency on the export industry.