Thai government to assist strong-baht affected businesses

BANGKOK, April 10 (TNA) - Prime Minister Yingluck Shinawatra has ordered a close watch and measures to help businesses affected by the strong Thai baht, especially local small and medium-sized enterprises (SMEs). Bank of Thailand (BOT) Governor Prasarn Trairatvorakul told journalists on Wednesday, after taking part in a meeting of a working group supervising economic policies, chaired by Premier Yingluck, at Bangkok's Government House to discuss the ongoing baht appreciation, that the prime minister is concerned over the issue and has ordered a close watch and assistance for the affected business operators, especially SMEs. The central bank governor admitted that the baht is too strong and is affecting exporters, asking commercial banks to facilitate local business operators in various areas, including risk management; while the BOT is watching out for any unusual capital inflows. Permanent Secretary for Finance Areepong Bhoocha-oom assessed that the Thai baht is likely to appreciate further, but it appears to be unnecessary for the BOT to cut its key interest rate or the repurchase rate. According to Commerce Minister Boonsong Teriyapirom, Thai exports, meanwhile, grew by 16 per cent year-on-year in January this year but declined in February and he is waiting for an official report on Thai exports in March. Last week, authorities of the Ministry of Commerce and Thai commercial attachés discussed the Thai baht appreciation and its impacts on exporters and they are expected to hold a similar discussion with the Joint Standing Committee on Commerce, Industry and Banking after the upcoming Songkran or the traditional Thai New Year festival to work out assistance. (TNA)