Finance Ministry aims to fix currency issue, taking care of overall economy

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BANGKOK  – The Ministry of Finance is set to issue SME business measures as a 2020 New Year gift, which is expected to be submitted for Cabinet’s approval next month. The Ministry is now working to solve the overly strong Thai baht issue, and set up committees to look after overall economic development.

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The Minister of Finance UttamaSavanayana, has revealed the latest effort to moderate the strength of the Thai baht, advising that at the moment the Ministry of Finance is working with the Bank of Thailand on the issue, in order to promote better integrated efforts by different agencies, including the National Economic and Social Development Council (NESDB).

He said only the Bank of Thailand has the authority to regulate the currency exchange rate, and the Ministry of Finance will only look at information exchanges to help stabilize the currency.

The Ministry of Finance is now in the process of introducing business promotion measures as a New Year gift for SMEs, in compliance with a policy delivered by Deputy Prime Minister SomkidJatusripitak. The Finance Ministry said related agencies have already drafted the measures, which should be proposed for Cabinet’s approval in January. Any measures not requiring the Cabinet’s approval will be proceeded with immediately by the Ministry of Finance.

To oversee overall economic development, the Ministry of Finance will be setting up working committees responsible for economic stability and for economy driving policies. More details of the new committees and their roles will be released after the New Year holidays.

The Ministry is expecting better economic growth next year compared to this year due to internal factors such as higher purchasing power and government investments, additional investments by the private sector; and external factors such as the global economic trend signalling a mitigation of conflicts between economic powerhouses.