BOT:Thai economy is stable

BANGKOK, August 17 (TNA) - The Bank of Thailand (BOT) says that the Thai economy remains stable, based on such key indicators as foreign exchange rates, the current account, employment and inflation. BOT Governor Prasarn Triratvorakul told journalists on Monday that a latest prediction by the National Economic and Social Development Board (NESDB) on Thailand's gross domestic product (GDP) expansion by 2.7-3.2 per cent this year is close to that of the central bank's revised figures. Prasarn expressed his support for any economic stimulus measures that would ensure the sustainable national growth, citing as an example that investment in infrastructure development projects and effective measures to help farmers and small and medium-sized enterprises (SMEs). Prasarn noted that BOT has eased measures on exchange rates and interest rates and strengthened financial institutes and he is, therefore, not worried over the present domestic economic situation. The BOT chief pointed out that China's yuan has become weaker along with other currencies in the region and also caused the baht depreciation. According to the BOT chief, the Thai baht has depreciated by about 7 per cent since early this year, but its fluctuation has been medium, compared with the value of other currencies in the region. The BOT governor insisted that the Thai central bank has been monitoring the updated situation in China and would take actions if the value of the Thai baht changed quickly, stressing, however, that the actions to be taken would not go against market directions and he has, thus, no concerns because there has been no sign of any irregular speculation. (TNA)