BoT intervention in Baht currency results in export expansion

BANGKOK, 25 November 2009 (NNT) – The Finance Minister complimented the measures by of the Bank of Thailand (BoT) in Thai currency intervention, which resulted in the expansion of exports.

Minister of Finance Korn Chatikkavanij referred to the economic data of the Office of the National Economic and Social Development Board (NESDB) assessment on the economic trends in Q3 which was expanded at -2.8%, and shown in Q4 would be expanded at 3%. Thus the economy figure over the year would be under -3%.

Meanwhile, in 2010 the expansion of economy would be no less than 3.3% according to the higher growth rate of exports and the intervention of BoT in Baht currency, which aimed at keeping Baht value in line with others in the region and reducing its volatility. However, the intervention in the exchange rate by BoT also cost the interest and loss in its currency difference but it was worthwhile, taking the economic expansion rate into account.