The baht opened at 30 to the US dollar on Thursday, strengthening from 30.03 at close on Wednesday.
The Thai currency is likely to move between 29.95 and 30.10, said Krungthai market strategist Poon Panichpibool.
Poon said financial markets are still in a risk-on state even after negative factors – the US political situation and the reduction of quantitative easing (QE) in the country – are starting to be resolved. The Nasdaq index rose by 0.4 per cent, while the Stoxx 50 rebounded by 0.1 per cent.
The market believes the US Federal Reserve will not reduce its QE, while a QE taper will not occur as in 2013, he said.
Also, some investors are actually concerned about stocks that keep rising and want to hold on to US government bonds.
The US Ten-Year Treasury yield decreased by around 4 basis points to 1.10 per cent.
Meanwhile, the dollar strengthened, with the index increasing by 0.3 per cent to 90.35 points.
Poon said markets are still monitoring Democrat attempts to remove Donald Trump from office.
The market strategist estimated that the dollar would weaken if the Fed signals that it will not relax its QE. Under this assumption, other currencies, including the baht, would strengthen against the dollar, he added.
Pattaya Food Group (PFG) has converted its factory in Samut Sakhon into the country’s first factory quarantine facility for treating and isolating Covid-19 patients, the government’s Covid-19 Information Centre posted on its Facebook page on Wednesday.
“The factory used to manufacture canned foods under the Nautilus brand, but it is now a 600-bed quarantine facility,” the centre said.
“The facility is divided into three zones: a green zone in front is the reception area, a yellow zone is where medical professionals are stationed and where they will change their clothes, and a red zone will house infected patients,” it said.
The centre also said the red zone features a dining area, toilets, shower rooms, a washing room and an exercise area. Patients will not be allowed to leave this zone until they are cleared of the virus.
The centre thanked PFG for being socially responsible and being a role model for other businesses to convert their facilities for Covid-19 treatment and quarantine.
On Wednesday, Samut Sakhon reported 208 new Covid-19 cases, with the number of accumulated cases in the province being 3,760 patients as of now. Some 320 are undergoing hospital treatment, 564 have been cured and one person has died. The province has 1,032 persons under quarantine, while 1,843 were announced clear of the virus.
A giant dinosaur statue located on Khon Kaen-Kalasin Road in Khon Kaen Muang district’s Phra Lab subdistrict caught fire and was completely damaged while it was being disassembled on Wednesday. There were no reports of death or injury.
Firefighters spent around 10 minutes to distinguish the flames.
The Phra Lab Municipality earlier ordered the Khon Kaen Public Works and Town Planning Department to move the statue from its current location, on the street isle, to Bueng Nong Khot lake in Ban Ped subdistrict to ensure the safety of road users and to promote tourism at the lake.
Witnesses reportedly said the fire was caused by a spark from a metal cutter as the dinosaur was being disassembled. Strong winds caused the flames to spread.
Dinosaur fossils were first discovered in Thailand during mineral exploration in Khon Kaen’s Phu Wiang area in 1976. The Phu Wiang Dinosaur Museum was established in 2009 to display the fossils and has become one of Khon Kaen’s top tourist attractions.
Four dinosaur statutes had been built on roads leading to Khon Kaen as landmarks to welcome tourists to the “Land of Dinosaurs”. One statute, which was previously located on Maliwan Road, was moved safely to Bueng Nong Khot lake in November 2020. The other two are located on Mittraphap Road and are yet to be relocated.
The high-pressure system over upper Thailand is weakening, resulting in a temperature rise of 1-3° C and morning fog, but most areas will still experience cool to cold weather, with mountaintops being cold to very cold, the Meteorological Department said on Thursday.
Meanwhile, the northeast monsoon prevailing across the Gulf of Thailand and the South is also weakening, the department said. Waves are about two metres high in the lower Gulf, it added, advising all ships to proceed with caution.
Here’s the weather forecast for the next 24 hours:
North: Cool to cold weather with strong wind; temperature lows of 10-16 degrees and highs of 20-30 degrees Celsius. Temperature on hilltops is likely to drop to 4-11 degrees Celsius.
Northeast: Cold weather with strong wind; temperature lows of 10-13 degrees and highs of 24-26 degrees Celsius. Temperature on hilltops is likely to drop to 3-10 degrees Celsius.
Central: Cool to cold weather with morning fog; temperature lows of 14-16 degrees, highs of 26-29 degrees Celsius.
East: Cool to cold weather with morning fog; temperature lows of 14-18 degrees, highs of 27-30 degrees Celsius; waves 1-2 metres high and over 2 metres offshore.
South (east coast): Cool weather with thundershowers in 20 per cent of the area; temperature lows of 16-28 degrees, highs of 27-30 degrees Celsius; waves 2 metres high and over 2 metres during thundershowers.
South (west coast): Partly cloudy with thundershowers in 10 per cent of the area; temperature lows of 20-24 degrees, highs of 29-34 degrees Celsius; waves 1-2 metres high and 2 metres offshore.
Bangkok and surrounding areas: Cool weather with morning fog; temperature lows of 16-17 degrees, highs of 26-29 degrees Celsius.
One of the criteria used to screen applicants for the government’s “RaoChana” (We Win) monthly cash handouts will be the size of their bank accounts, a Finance Ministry source has confirmed. Successful applicants for the latest scheme to mitigate financial impacts of the fresh Covid-19 outbreak will be handed two monthly payments of Bt3,500 – but only if their savings fall below a certain minimum threshold. The ministry will keep the exact figure of the threshold secret in order to prevent applicants from transferring money out of their accounts to meet the criteria.
The scheme is focused on helping the self-employed and farmers. It follows the government’s “Rao Mai Thing Kan” (We won’t leave anyone behind) scheme of three monthly Bt5,000 payments, which also used savings as a criterion for eligibility.
“The government spent Bt390 billion [on Rao Mai Thing Kan], but people still protested in front of the ministry after their applications to receive Bt5,000 remedial payments were rejected. A government official found that one protester had more than Bt10 million in his account, which is why he was not eligible,” said the source.
Kulaya Tantitemit, acting director of the Fiscal Policy Office (FPO), said the RaoChana screening system will first reject people under the social security system, government officials, and employees of state enterprises.
“We want to help low-income people affected by COVID-19, so those outside the social security system such as freelancers or farmers will be eligible [for the RaoChana scheme]. But anyone with a high income will be disqualified,” said Kulaya.
The Finance Ministry will submit the eligibility criteria for RaoChana to Cabinet soon, before registration for the scheme opens at the end of this month. The first payments are due to be transferred to recipients in early February.
The new Covid-19 outbreak will wipe Bt140 billion off Thailand’s trade and tourism revenue, TMB Analytics forecast on Wednesday. Trade and tourism account for 22 per cent of Thai gross domestic product (GDP) and 6.9 million jobs.
TMB Analytics said the biggest economic fallout would be felt by the central and eastern red-zone provinces, where trade and tourism accounts for 23 per cent of GDP. It forecast the fresh outbreak, which began in mid-December, would cost these provinces Bt128 billion.
The top three worst impacted provinces would be Bangkok, which would lose Bt81.42 billion, Chonburi (Bt15.46 billion) and Phuket (Bt2.79 billion).
TMB Analytics suggested the government should issue remedial measures to support business operators including shops, restaurants and entertainment venues.
Bangkok Life Assurance (BLA) has extended the registration period for its Covid-19 daily hospitalisation coverage with no extra premium required. Customers who hold BLA life insurance policies directly or through Bangkok Bank can register for the coverage via the BLA QR code and web link until the end of this month.
The registration period had been due to expire on January 15.
Those insured will be compensated Bt1,000 per day for in-patient hospitalisation up to 30 days. Medical workers covered by the policy will receive Bt2,000 per day.
The compensation is offered to current and former Bangkok Life Assurance policy holders whose insurance came into effect within December 31, 2020. Bangkok Bank customers with BLA life insurance policies can register through the QR code provided at the bank’s branches or via the website. Coverage lasts for 30 days from the date of registration.
Samut Prakan Provincial Court has dismissed lèse-majesté, sedition and computer crime charges against defendant Thanakorn (surname withheld), the Internet Law Reform Dialogue (iLaw) said on Wednesday.
Thanakorn was arrested on December 8, 2015 in Samut Prakan province and charged with sedition and computer crime for sharing details of alleged corruption in the Army’s Rajabhakti Park project in Prachuap Khiri Khan. The court dismissed the charges, upholding Thanakorn’s legal right to air his suspicions of corruption. It also ruled he had not violated the Computer Crime Act because it could not be proved the information he shared was false.
The defendant was also charged with lese majeste for clicking “like” on a satirical Facebook page featuring a picture of King Rama IX, and for his Facebook post about Rama IX’s dog. The court dismissed that charge, too, ruling that the evidence was not proof that he intended to defame the monarchy.
ILaw, an independent NGO, said Thanakorn was interrogated for seven days in an Army camp before being detained by a military court, which denied him bail release. After spending several months in Bangkok Remand Prison, the court finally granted him bail on Bt500,000 surety on March 8, 2016.
The Asian Development Bank (ADB) and the government announced a US$2-million grant to help promote the adoption of climate-smart agriculture in the North of Thailand.
The grant, provided by the Japan Fund for Poverty Reduction, will see local governments teaching highland farmers climate-resilient practices and providing technology for improving productivity, value addition and food traceability, while tapping local knowledge to enhance food security in a changing climate.
“Providing opportunities to raise income will help reduce poverty and income inequality, and boost the resilience of highland communities and their ecosystems,” said Srinivasan Ancha, ADB’s principal climate-change specialist for Southeast Asia. “The grant will improve local governments’ technical and institutional capacities and help them integrate climate-change adaptation in agricultural planning. It will also help boost rural employment and support Thailand’s economic recovery amid the COVID-19 pandemic.”
The grant was launched in a virtual ceremony attended by Agriculture and Cooperatives Minister Chalermchai Sri-on, the ministry’s permanent secretary Thongplew Kongjun, ADB Thailand’s director Hideaki Iwasaki, and Asian Institute of Technology president Eden Woon.
Also present were officials from different ministries including Finance, Commerce, and Natural Resources and Environment, as well as representatives from the Embassy of Japan and the Japan International Cooperation Agency.
Poverty in Thailand is concentrated in the North, with average household incomes there less than half of that in Greater Bangkok. Rural households are aging rapidly as younger generations continue migrating to urban areas. The area also suffers frequent droughts and floods, as well as rising temperatures. Private sector investment in highland agriculture have been limited, largely because of the high cost of logistics and limited capacity of farmers to grow safe, high-quality agri-food products. Unsustainable farming practices and natural resource degradation, exacerbated by climate change, have led to low productivity and unstable incomes.
The technical assistance aims to draw a roadmap for provincial governments to reverse the above trends and attract investment in agriculture, agribusiness and horticulture value chains in order to boost farm productivity and rural incomes, while reducing greenhouse gas emissions and vulnerability to climate change. Lessons learned from this technical assistance may be applied to similar agricultural systems of Thailand’s neighbours, thus offering opportunities for cross-country knowledge sharing through the Greater Mekong Sub-region programme.
The grant will help the government promote climate-friendly agribusiness, identify opportunities for value-added agri-foods, and improve market connectivity, which can promote private sector investments and support post-pandemic economic recovery.
The assistance can help upgrade the skills of returning migrants from urban areas, which is key to addressing income disparities that are worsened by supply chain disruptions amid the pandemic.
ADB has so far committed $8.55 billion for 100 loans, three grants, and 179 technical assistance projects for Thailand.
As many as 370 patients can be accommodated in Rayong province now that space for 170 more beds has been made available in two new field hospitals, said Noppadol Tangsongcharoen, chairman of Rayong Chamber of Commerce.
The two new field hospitals include one in Bang Khae district and a resort in Rayong town.
Noppadol said these provisions should be enough to accommodate patients because the number of new Covid-19 infections in the province is dropping.
He added that the government should step up and help because the tourism sector in the province has been hit very badly, with up to 90 per cent of hotels and resorts being affected and retailers losing 50 to 70 per cent of their business.
“The government must allocate funds for provinces to restore their economies, unlock red zones, suspend debt repayment, offer soft loans etc. These remedial measures should be offered as soon as possible, otherwise things will worsen,” he warned.
Klin Sarasin, chairman of the Thai Chamber of Commerce, said the private sector has been helping the government by providing spaces to create field hospitals. Besides, he said, the Chamber of Commerce has donated medical equipment, while the Siam Cement Group has been providing mobile toilets for field hospitals in Samut Sakhon province.
Hence, he said, the authorities must take urgent action to control the new wave of Covid-19 infections in Samut Sakhon province.
Jiraseth Sukhasvasti
