FTI to propose to BoT suggested measures to help SMEs hit by strong baht

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BANGKOK, April 30, 2013  The Federation of Thai Industries (FTI) will present a set of suggested measures to the Bank of Thailand (BoT) in hopes of assisting exporters hit by the baht appreciation. 

FTI Chairman Payungsak Chartsutipol said that the FTI Board meeting on Monday discussed measures to help small- and medium-sized business operators, who have been affected by the 300-baht minimum wage policy and the stronger baht.

Mr. Payungsak stated that he will present a set of 5 measures, derived from the meeting, to the central bank governor for consideration.

He said the proposed measures are such as the lowering of the benchmark interest rate by 1 percentage point and the control of capital inflow.

According to the FTI, hard-hit business operators include those from the jewelry sector, which has already seen a 40-percent plunge in trade. Other sectors are automobile, textiles and foods, which have started to suffer a drop in future orders.

The FTI chairman also disagreed with the government’s plan to lower this year’s export growth rate of 8-9 percent while calling for solutions to drive exports towards the initial goal.