BANGKOK, 15th August 2019 (NNT) – The Minister of Industry has held talks with the Bank of Thailand’s Governor over measures to control the fluctuation of Thai Baht currency, minimize impacts faced by SMEs and promote the import of machinery during this time to take advantage of the stronger currency.
The Minister of Industry Suriya Juangroongruangkit held talks with Bank of Thailand’s Governor Veerathai Santiprabhob and expressed his satisfaction with Bank of Thailand’s existing measures and attempts to control the currency.
The Industry Minister proposed measures to help business owners, such as the promotion of Thai Baht as a currency for international trade to reduce the risks from US Dollar currency fluctuation, encouraging business owners to purchase currency exchange insurance packages and encouraging them to import machinery during this time while Thai Baht currency is stronger.
The Ministry of Industry will be discussing with the Board of Investment (BOI) plans to issue tax incentives for machinery importers, which will help weaken the Thai currency and help increase competitiveness among local SMEs.
Meanwhile, Deputy Prime Minister Somkid Jatusripitak today held talks with executives at the Ministry of Industry, proposing guidelines for the BOI to support further investments by the private sector, including the machinery purchasing promotion and other support measures for SMEs.
BOT relaxes rules to Curb Strong Baht
the Bank of Thailand (BOT) decided to relax regulations to facilitate capital outflows to help promote capital flow balance and lessen pressure on the baht.
The Thai baht has been under pressure due to imbalanced capital flows in the current environment of highly uncertain and volatile external conditions, the Ministry of Finance (MOF) and the Bank of Thailand (BOT) decided to relax regulations to facilitate capital outflows to help promote capital flow balance and lessen pressure on the baht.(more…)
Bank of Thailand cuts rate by 0.25% to 1.25 per cent
The latest cut brings the Bot’s policy rate to an historical low, which the bank maintained from April 2009 to July 2010 during the subprime global financial crisis.
On 6 November 2019, the MPC voted 5 to 2 to reduce the policy rate by 0.25 percentage point from 1.50 to 1.25 percent, effective immediately. Two members voted to maintain the policy rate at 1.50 percent.(more…)
Thailand’s loss of trade privileges with US is credit negative
The development is credit negative because Thailand’s export-oriented economy is in a difficult external environment given that a broad-based export slowdown and strong Thai baht are weakening the competitiveness of goods exporters and the country’s tourism industry.
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