He said on the sidelines of seminar on the economic outlook for 2017 hosted by Krungthep Turakij newspaper and NOW26 channel yesterday that the BOT had not yet seen any unusual movements in the exchange rate or the capital and financial markets, reflecting that the fundamentals of the economy and the financial institutions were strong. However, the BOT will closely monitor the situation to ensure this stability continues.
Both local and foreign investors are confident in Thai economy, as reflected in the Stock Exchange of Thailand, which has been able to rebound quickly, he said.
He said the BOT was also cooperating with banks on the issue of commemorative banknotes honouring King Bhumibol Adulyadej, who died on October 13, to prevent speculation.
In his speech at the seminar, Veerathai said Thailand was facing challenges arising from external as well as internal factors.
The internal challenges are the inequality of revenue and opportunity, and technological development that is not dealing with the rapid changes in global market.
Thailand’s economy will steadily recover, and this growth will be more stable than that of several emerging markets and several key industrialised markets because Thailand has buffers against volatility arising from external factors.
Moreover, the strength of its financial institutions, the low level of unemployment, and ongoing national reforms will be key fundamentals to help improve productivity.
The sustainable-development philosophy of His Majesty King Bhumibol Adulyadej will be an important guide to lead the country through the challenges it faces, but all people should embrace this way and not leave this responsibility to the government, Veerathai said.