IMF tells Thailand to make profits from its huge foreign-exchange reserves

BANGKOK, March 9 (TNA) -- The International Monetary Fund (IMF) suggests Thailand find ways to reap more benefits from its foreign-exchange reserves but Deputy Prime Minister Somkid Jatusripitak considers the issue as sensitive. Markus H Rodlauer, deputy director of IMF’s Asia and Pacific Department, shared his view during his meeting with Mr Somkid. He paid the visit while the IMF representatives were gathering information from countries in the region. IMF found that the continuous growth of the Thai economy raised the country’s foreign-exchange reserves to as much as US$214.7 billion equivalent to about 10% of the gross domestic product. IMF suggested Thailand use the reserves to set up funds to create more benefits as many other countries have done. Mr Somkid said the Bank of Thailand was considering the possibility to increase the benefits and slow down baht appreciation simultaneously. However, the issue would have to be carefully studied because it was sensitive for the Thai society, he said. In the meeting, Mr Rodlauer also inquired about low inflation amid economic growth and responses to the ageing society in Thailand. Mr Somkid said the government managed to increase inflation rates with economic stimulation and Thai people were trying to save money for their retirement life. He also said that the Finance Ministry was studying measures to help the elderly in the country. (TNA)