Stronger baht to affect businesses

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BANGKOK – The Department of International Trade Promotion (DITP) has conducted a seminar to teach business owners to mitigate risks stemming from a stronger Thai baht.

Deputy Commerce Minister Winitchai Chaemchaeng urged entrepreneurs especially those running small and medium enterprises to obtain insurance to protect their businesses against the rising baht.

The Ministry of Commerce also sought cooperation from leading commercial banks to increase financial assistance for small businesses bound to be affected by an appreciation, in addition to the ongoing assistance from the Export-Import Bank of Thailand.

Meanwhile, President of the Thai National Shippers’ Council, Kanyapak Tantipipatpong said the impact of the strengthening Thai currency would be felt in the 3rd and 4th quarters when Thai exports begin to slow down. She said Thailand would be less competitive if the baht remained strong.

Kanyapak wants banks to offer their clients an insurance package to help them soften the likely impact. Despite the currency trend, the president believes the export sector will expand by 3.5% as expected.