Bank of Thailand chief refutes criticism on baht

By k on August 1, 2009

BANGKOK, Aug 1 (TNA) – Bank of Thailand (BoT) Governor Tarisa Watanagase on Friday countered fierce criticism by former finance minister Virabongsa Ramangura that the central bank had failed to manage the baht properly, saying the comment on the currency movement should not be made based on personal feelings.

Earlier, Dr Virabongsa blamed the BoT for its failure to manage the baht appropriately, which led to a continued appreciation of the currency that affected the country’s exports. He also indicated that the monetary policy could not be adopted to help stimulate the economy.

“I want to ask how improperly the central bank manages the baht. The bank has overseen the currency to ensure it moves in the same direction with other regional currencies.

“Don’t talk about the baht based on personal feeling. It must count on information. Also, the baht should neither be monitored on a daily basis nor be compared with the US dollar because the greenback tends to strengthen,” she said.

Mrs Tarisa said the baht must be considered based on currencies of trading partners.

By comparison with other currencies, the baht had strengthened only slightly. It did not make Thailand lose export competitiveness. The BoT chief affirmed the baht had strengthened because the country enjoyed a trade surplus and foreign capital had flowed into the Thai stock market.

“The baht has now appreciated to 33-34 to the US dollar from 35 early this year. We affirm the baht rise does not make Thailand lose competitiveness because it moved in the same direction with other currencies of our trading partners,” Mrs Tarisa said. (TNA)

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