BOT watches out Thai baht

BANGKOK, July 15 (TNA) - The Bank of Thailand (BOT) assures that it is keeping the value of the Thai baht at a level which will neither obstruct the national economic growth and trade nor affect public confidence. BOT Governor Prasarn Trairatvorakul made the assurance on Tuesday, noting that the BOT has tried to make foreign exchange rates reflect Thailand's economic fundamentals to prevent the Thai baht from drastically change in the way that would obstruct economic affairs. Prasarn acknowledged that the value of the Thai currency against the US dollar was stable in the first half of this year and it changed moderately compared with other currencies, while its movements did not pose a problem to the country's trade and investment. In a long run, Prasarn said, Thai exports should be strengthened by many factors, not only relying on the depreciation of the Thai currency. The BOT governor cautioned that any unusual baht depreciation could affect public confidence and encourage speculators to attack the baht value; so, foreign exchange rates should be reasonable and reflect the national economic situation. The BOT chief insisted that the central bank's policies are on the right track, as international money markets, the World Bank and other countries have confidence in its monetary policies. Earlier, the army-led National Council for Peace and Order (NCPO) instructed the BOT to ensure the stability of the Thai baht, assessing that the exchange rate of 32 baht a US dollar could support Thai exporters. (TNA)