Finance minister asserts baht won’t surge to Bt27/US dollar

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Thailand’s baht currency will definitely not appreciate to Bt27 against the US dollar, or Thailand will be plunged into a trade deficit and export debacle, according to the deputy prime minister/finance minister.

Kittiratt Na-Ranong said the baht’s strengthening to Bt27 or below – if it happens – would severely impact employment in the export sector since major companies will encounter a definite slowdown on exports and shrinking production.

He said the government will refrain from issuing short-term temporary measures that surprise the public or deviate from global financial principles.

Kittiratt said he advised the central bank to reduce the policy interest rate and that he did not suggest an unrealistic rate.

The Finance Ministry merely advised that stabilization of the policy interest rate will help absorb liquidity, he said, adding that the ministry would be willing to support the use of other mechanisms.

If the Thai currency appreciates to a certain level and the central bank wants other supporting measures, the government is pleased to cooperate by issuing relevant measures, the deputy premier said.