BANGKOK, 23 January 2013 – Prime Minister Yingluck Shinawatra has assigned the Ministry of Finance, the Bank of Thailand and the National Economic and Social Development Board (NESDB) to closely monitor the baht movement after the currency hit a record high.
PM Yingluck said that the baht strengthened after many countries announced the implementation of the quantitative easing policy.
She called on all sides not to panic since there had been no negative signs for the Thai economy, so far. The PM also assured that the government would make sure the baht appreciation poses no effect on the export sector while pledging to provide assistance to the private sector through investment incentives.
Meanwhile, Deputy Prime Minister and Finance Minister Kittiratt Na-Ranong confirmed that the Thai economy remains strong and is still expanding well.
He added that foreign investment, which has kept flowing into Thailand because of its sound economic conditions, attributed to the appreciation of the baht and other regional currencies.
Mr. Kittiratt stated that that the government has prepared measures to cope with the baht fluctuation.
As of Wednesday, the Thai currency has been moving between 29.70-29.95 baht against one US dollar.
