Deputy PM tells central bank to strictly supervise baht value

BANGKOK, Jan 19 (TNA) -- Deputy Prime Minister Somkid Jatusripitak has told the Bank of Thailand (BoT) to closely supervise the value of baht, saying it is rising because of the Thai economic recovery. He responded to the report that the United States could blacklist Thailand for alleged currency intervention which weakened the US dollar. Denying the report, Mr Somkid said baht appreciation resulted from increasing investment, strong economy and trade surplus and the Thai economy had nothing to do with US dollar depreciation. The value of US dollar fell because China did not possess as many US dollars and American assets as before, he said. “I told the BOT to monitor the movement of baht closely and strictly to see if any irregular factor causes its fluctuation. If the US wants to see Thai economic data, they will be revealed,” Mr Somkid said. “The value of Thai baht moves in accordance with the economy as growth in exports, tourism and investment normally strengthens baht.” He suggested the private sector take the opportunity to improve their machines and accelerate investment because, he said, imports were cheaper. (TNA)