Thailand's Financial Position Remains Strong, Says PM Prayut

BANGKOK, Feb 8 (Bernama) -- Thailand's financial position remains strong and is backed up with large international reserves, said Prime Minister Gen Prayut Chan-o-cha. He said the country's holding of large international reserves, currently the world's 18th highest, proved Thailand's sound financial standing. "Thailand's international reserves of US$177 billion, including foreign exchange reserves of US$169 billion as at Jan 27 are solid and proof of the country's creditworthiness in the eyes of the international community and foreign investors," he was quoted as saying by the local media Wednesday. He said the government had been cautious in its spending programmes and never used its large international reserves. The Thai government faced intense criticism from the public and academicians who were alarmed over the fast declining treasury reserves. The government's treasury reserves have declined from 495.75 billion baht (US$1 = 35 baht) in 2014, when the military seized power, to 74.91 billion baht as at Jan 27 this year. Finance Minister Apisak Tantivorawong explained that the low level of reserves was the result of effective management employed by his ministry to minimise interest cost on borrowings. He said the government was not broke as the current level of treasury reserves was sufficient. -- BERNAMA