Limited impacts on Thailand from Turkey's financial crisis

BANGKOK, August 14 (TNA) - The Bank of Thailand (BOT) says that the ongoing financial crisis in Turkey has had limited impacts on the Thai economy due to minor trade, investment and financial relations between Turkey and Thailand. BOT Assistant Governor Corporate Strategy and Relations Group Chantavarn Sucharitakul told journalists of the information on Tuesday, acknowledging, however, that the Thai central bank has closely monitored the updated situation in Turkey and on the global financial and capital markets. Latest reports stated, meanwhile, that the heaviest depreciation of lira, the Turkish currency, by about 20 per cent since late last week, its historic weakening step, has, nonetheless, caused a domino fall in stock indices worldwide. The Stock Exchange of Thailand (SET) index fell 10.61 points to close at 1,695.35 points on Tuesday afternoon, lower than its benchmark of 1,700 points, after plunging 19.21 points when it closed in the morning session earlier in the day. Win Udomrachtavanich, Chief Executive Officer (CEO) of KTB Securities (Thailand) Company Limited then told reporters that the SET index is likely to move between 1,690 points and 1,740 points this week, affected by impacts from the ongoing trade war between the United States and its major trading partners, a drop in world oil prices, Washington's sanctions on Moscow and the historic depreciation of the Turkish currency. Washington raised its import tariffs by double against Turkish exports to the US market recently after Ankara had rejected its call on releasing an American pastor who have been jailed in Turkey for two years on espionage charges. (TNA)