Exporters pressure BoT to control strong baht

BANGKOK, Jan 8 (TNA) -- The Thai National Shippers Council is preparing to meet with the Bank of Thailand (BoT) to pressure them to exert control over the national currency following loss of revenues due to the rising baht. Ms Kanyapak Tantiphipatpong, the president of the Thai National Shippers Council (TNSC) stated that since the beginning of 2018, the baht has risen by approximately 0.50 baht to the US dollars which drastically reducing their revenues. Ms Kayapak said a meeting with the BoT has been scheduled within the week to ascertain the reasons behind the rise. Many in the private sector speculate that the recent spate of short-term speculative investment in the Thai bourse and bond market contributed to the baht appreciating. The council wants the BoT to exert stricter controls to lessen the impact on exporters. Furthermore, economic recovery would be severely undermined if the baht is allowed to rise unchecked. Ms Kanyapak stated that the ideal exchange rate for exports is around 33 baht to the US dollar. Currently, the baht is looming at 32.10 to the US dollars. What is worse is that the baht is currently much stronger than many currencies in the region such as Vietnam, Philippines and Indonesia. (TNA)