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Thai Gov't Urged to Deal with Baht Appreciation
Source: xinhuanet.com
Source Date: Wednesday, January 23, 2013
Country: Thailand
Created: Jan 29, 2013

Thailand's private sector on Wednesday called on the government to adjust its policy to deal with the rapidly appreciating baht currency which has severely affected exporters, Thai News Agency reported.

Paiboon Polsuwanna, president of the Thai National Shippers' Council, said the baht has been stronger than currencies in neighbouring Malaysia, Hong Kong and the Philippines due to short- term profit taking by foreign speculators.

The phenomenon has directly and indirectly affected Thai exporters, so they are urging the government to enforce a deterrence policy as Hong Kong did when a handful of speculators attacked its currency.

If the government fails to take any action, embattled Thai exporters will be in harsher situation given the fluctuating global economy, he said.

"The Commerce Ministry has forecast Thai export growth at not less than nine percent this year but the goal is unreachable if the Thai currency remains too strong," Thai News Agency quoted Paiboon as saying.

Deputy Prime Minister and Finance Minister Kittiratt Na-Ranong earlier expressed confidence in the Bank of Thailand's ability to stabilise the Thai currency, adding that the finance ministry stands firm on the government's non-interference in the market mechanism.

The baht strength is in step with regional currencies, he added.

The strong Thai currency has its pros and cons, he said, adding that the appreciation has been a boon to import of capital goods, particularly regarding energy.
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