BANGKOK, Thailand – Commerce Minister Pichai Naripthaphan voiced concerns over the strengthening of the Thai baht, stating that it poses a significant challenge to the country’s export sector. He called on the Bank of Thailand (BoT) to manage the currency’s value by weakening the baht, which would boost exports and drive economic growth.
Pichai emphasized that a stronger baht makes Thai goods more expensive in international markets, reducing competitiveness, especially when Thai exporters already face tough competition. He highlighted that many ASEAN countries have weaker currencies than Thailand, making it harder for Thailand to sustain its export growth.
He urged the BoT to focus on what benefits the country, not on maintaining independence for its own sake. Pichai acknowledged the need for central banks to intervene when economies are overheating but argued that Thailand’s current situation, with only 1.9% GDP growth over the past decade, requires more aggressive measures to stimulate growth.
Pichai also noted that despite recent gains in exports, such as a 15.8% increase in August and 7% growth in September, the strong baht threatens to erode these gains. He expressed willingness to meet with BoT Governor Sethaput Suthiwartnarueput to discuss strategies for managing the currency to support Thailand’s economic recovery.
Pichai concluded by stressing the importance of GDP growth, warning that without pursuing stronger growth targets, Thailand risks falling behind regional neighbors like Laos and Malaysia, which are on track to become high-income countries.
