BOT:Stronger Thai baht is in line with other regional currencies

BANGKOK, January 22 (TNA) - The Bank of Thailand (BOT) says although the Thai baht has appreciated by 5-6 per cent since the beginning of this year, the stronger Thai currency has been in line with other regional currencies. BOT Governor Prasarn Trairatvorakul told journalists on Tuesday that the Thai baht has been in the same direction with Malaysia’s ringgit and the Philippines’ peso, in relation to their economic fundamentals, assessing that the Thai currency should be too strong only in the short term. Prasarn acknowledged that the central bank is monitoring the baht appreciation closely and will not be reluctant to apply suitable instruments whenever needed, assuring that the BOT would take actions if there were attempts to manipulate the demestic currency market. The BOT chief promised that the central bank will maintain the suitable functions of market mechanisms, with losses from its intervention not to discourage it from managing the baht value. Regarding the Thai currency value, which has now strengthened to around 29.80 baht a US dollar, Payungsak Chartsutipol, Chairman of the Federation of Thai Industries (FTI), meanwhile, expressed his worries that the Thai baht is now the strongest in the region and should affect Thai exports, urging the BOT to solve the problem. Payungsak revealed that the FTI will soon discuss impacts from the strengthening Thai baht with exporters and will report their findings to the government later. (TNA)