BOT Governor says coup won’t affect Thailand’s economic stability

Dr. Prasarn Trairatvorakul.

Dr. Prasarn Trairatvorakul, Governor of the Bank of Thailand says even though the National Peace and Order Maintaining Council (POMC) declared a coup on May 22, it won’t affect the overall economic stability of Thailand.
However, some investors may reduce their investment activity. Therefore, the figures on the Thai economy may be lower this year, but it won’t have any effect on the stability of the Thai economy.
Dr. Prasarn added that he worries about SME entrepreneurs since they may suffer a greater impact in the current situation.
Dr. Prasarn said he does not believe that the Thai baht will depreciate to 37 baht/USD as the company Morgan Stanley has forecast. Although some investors may lose faith in the Thai economy, Thailand still has not lost its credibility. Recently Standard and Poor’ s affirmed the Thai credit rating, which is a good sign that Thailand’s overall credibility is not impacted. (NNT)

Commerce Ministry will see to goods hoarding and price hike

The Commerce Ministry has instructed its officials to monitor consumer goods’ prices nationwide following the imposition of Martial Law, in a bid to prevent goods stockpiling and unfair prices by unscrupulous traders.
Department of Internal Trade Director General Somchart Soithong has handed down the policy to provincial Internal Trade Offices throughout the nation to closely follow price movement of all goods in the market and report the findings on a daily basis.
He said the move is to make sure that the public startled by the news of the coup d’état would not hoard goods unreasonably, which could lead to goods shortages. Somchart also said that measure will be put in place to protect consumers from being taken advantage of by traders who might raise prices of commodities unfairly.
Initially the officials are creating an understanding among vendors and consumers to do their businesses as usual, the director general said, adding that, at the moment, there is no report of goods stockpiling or unfair trading.
Those violating the goods stockpiling codes are subject to 5 years’ imprisonment and a 200,000-baht fine, while those selling goods at exorbitant prices will face a jail term of no more than 7 years and a fine of up to 140,000 baht. (NNT)

Importers of Thai products unworried

Thai trade representatives abroad have indicated that importers of Thai products are still placing goods orders and have not yet expressed worry over the political situation in Thailand.
Prakaisak Sawatsing, director of the International Trade Promotion office in Paris, said foreign importers who visited the THAIFEX World of Food fair in Muang Thong Thani were placing orders as usual and did not express concerns about the recent developments in Thailand. His office in Paris also reported that French importers had not made inquiries about the situation in Thailand.
Somchin Plengkham, senior director of International Trade Promotion office in New York, said the United States needed to show the international community it was against undemocratic developments, but it differentiates between political and trade relations. Therefore, Thai exports to the US market primarily rested on the condition of the US economy and the demands of its consumers. She added that trading partners were placing orders normally, as they attended products exhibitions in Thailand, and this was a positive development. (NNT)

Farmers Council confident NPOMC will help rice pledging reimbursement

The Phitsanulok farmers’ council is convinced that the National Peace and Order Maintaining Council (NPOMC) will help reimburse farmers who contributed to the rice pledging scheme within 15-20 days.
The Phitsanulok village and sub-district headmen association, along with 17 northern villages, including the sub-district headmen association and the Phitsanulok farmers council, have submitted a letter to support that will be sent to the NPOMC through the Phitsanulok governor Rapi Pongbupakij.
Meanwhile, the Bank for Agriculture and Agricultural Cooperatives (BAAC) in Phitsanulok has confirmed that it will pay the long-awaited money for farmers on a daily basis (public holidays included). (NNT)

EC nods to allocation of 3 billion baht to pay first-car buyers

The Election Commission (EC) has approved a budget of over 3 billion baht to be set aside from the state coffers for payment to people who participated in the first-car buyer program.
EC Secretary-General Phuchong Nutrawong revealed that the commission had decided to allow the Finance Ministry to use the emergency reserves of the 2014 central budget to fund the first-car buyer scheme, which was running out of money to pay tax rebates to participants. The approved amount is 3.1 billion baht and is set to be handed out to recipients between June and July this year at the rate of 100,000 baht each.
On this occasion, the EC also granted high-ranking diplomatic officials a one-year extension for their term in office. The officials include the Thai Ambassador to New Zealand, the Thai Permanent Mission to the United Nations in New York and the Thai Ambassador to The Hague, Netherlands.
Meanwhile, Inspector-General of the Ministry of Agriculture and Cooperatives Warawut Khantiyanan was endorsed as the new Director-General of the Department of Royal Rainmaking and Agricultural Aviation. (NNT)

Thai-Malay border trade unaffected by coup

The trade between Thailand and Malaysia at the border checkpoint at Betong District in Yala Province has not been affected by the coup d’état.
The managers of several hotels in Betong Municipality said that tourism in Betong has remained unaffected since the National Peace and Order Maintaining Council (POMC) seized government power. No rooms have been cancelled although there are tourists asking about the situation in Thailand. The local tourism businesses are trying to promote understanding among the tourists so that they have confidence in their safety.
At the Thai - Malay border checkpoint in Sadao District in Songkhla Province, opposite the Bukit Kayu Hitam checkpoint in Malaysia, there are also tourists from Malaysia and Singapore continuously entering the country. Although the number is not large because of the low season, there has been no noticeable change since the seizure of government power by POMC. (NNT)