JSCCIB: Too soon to say if exports affected by stronger baht

JSCCIB: Too soon to say if exports affected by stronger baht

BANGKOK, 6 February 2018 (NNT) - The Joint Standing Committee on Commerce, Industry and Banking (JSCCIB) has yet to conclude whether the stronger baht will have any impact on the export sector. 

After attending the JSCCIB meeting, President of the Thai Bankers Association Pridi Daochai said the committee decided to maintain the projected export and economic growth rates for 2018 at 3.5 % and 3.8%, respectively, despite the strengthening Thai baht. 

The Thai baht has risen to 32 baht against the U.S. dollar since the beginning of January. However, the JSCCIB will continue to monitor the situation before making any decision to revise its forecasts. The committee also expects that the inflation rate this year will range from 1.1 - 1.6%. 

In response to the stronger currency, the Bank of Thailand will implement measures to keep trading of the Thai baht to a minimum. The JSCCIB will try to promote domestic investments, pay off overseas debts, and increase the country’s foreign currency reserves. 

Meanwhile, Pridi admitted that the minimum wage rise will increase production cost across all industries by up to 14% depending on the location, as the minimum wage policy varies from one province to another.

 

-- nnt 2018-02-06