Kittiratt: Baht depreciation will benefit export

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BANGKOK, 24 August 2013 Deputy Prime Minister and Finance Minister Kittiratt Na-Ranong has expressed his confidence that the depreciation of Thai baht will be good for the country’s export. 

During the “PM Yingluck Meets the People” program, Minister Kittiratt has stated that the value of Thai currency is in the appropriate level which is suitable for the country’s export growth as the depreciation of baht will edge the competitiveness of Thai exporters in the international market. He also reaffirmed that Thai economy is not in recession, but the current growth is only below expectations, adding that other countries in this region are also facing the same problem.

He further revealed that even though Thai economic growth in the second quarter was lower than the first, the figures cannot be taken into account, meaning the growth percentage in the first quarter cannot be compared to the following quarter. He elaborated that Thailand, in the second quarter, stopped importing natural gas from Myanmar for over a week, plus there were long holidays during the period, thus the industrial sector stopped their operations. As a result, he said it is normal that the numbers in the second quarter will be lower than the previous one.