BoT monitoring Japanese yen


BANGKOK, 18 March 2011 (NNT) – The Bank of Thailand (BoT) is monitoring movement of the Japanese yen closely after the currency has appreciated and hit the highest record in 16 years following the recent twin disasters. 

BoT Assistant Governor for Monetary Policy Group Paiboon Kittisrikangwan stated that the BoT is keeping an eye on the volatility of foreign money markets, especially Japanese yen currency since it has hit a record high at 76 yen per US dollar from the earlier rate of 79 yen per US dollar.

As for impact on the Thai export and tourism, Mr Paiboon admitted that it is too soon to evaluate the situation for the time being. He said negative speculations might exacerbate the situation in Japan.

The assistant governor added that the situation needed more evaluations in a longer term. Focus should be made on the Japanese yen which is fluctuating rapidly with short swings between appreciation and depreciation.