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Central bank looks for ways to control the rising baht
EconNov 19. 2020The central bank’s governor Sethaput Suthiwartnarueput
By The Nation
The Bank of Thailand is looking into ways of taming the strengthening baht, the central bank’s governor Sethaput Suthiwartnarueput said.
The Monetary Policy Committee (MPC) is concerned that the rapid rise of the Thai currency will further hurt the export sector, which is already badly affected by the Covid-19 pandemic, he added.
At a meeting on Wednesday, the MPC said it was worried that the rapid appreciation of the baht will affect the fragile economic recovery.
Hence, the committee said, it will closely monitor developments in foreign exchange markets and keep an eye on capital flows as well as consider the necessity of implementing additional appropriate measures.
Sethaput said the central bank was not ignoring businesses that are being adversely affected by the baht appreciation.