snoop1130 Posted July 19, 2019 Share Posted July 19, 2019 New Thai finance minister says will not interfere in central bank policy FILE PHOTO: Uttama Savanayana, the Palang Pracharat Party leader, talks to reporters during a press conference in Bangkok, Thailand June 4, 2019. REUTERS/Soe Zeya Tun/File Photo BANGKOK (Reuters) - Thailand's new finance minister said he will not interfere in the central bank's monetary policy decisions and will let it handle the strengthening baht currency. THB=TH. The ministry plans to introduce economic stimulus measures after the government has announced its policies in parliament next week, Uttama Savanayana told reporters. The baht has appreciated about 5.9% against the dollar so far this year, threatening the export-dependent economy and its pivotal tourism. -- © Copyright Reuters 2019-07-19 Follow Thaivisa on LINE for breaking Thailand news and visa info Link to comment Share on other sites More sharing options...
ukrules Posted July 19, 2019 Share Posted July 19, 2019 Why does the Baht continue to rise? It's not a freely floating currency. From here : https://www.bot.or.th/English/MonetaryPolicy/MonetPolicyKnowledge/Pages/ExchangeRate.aspx This : Under the managed float, the Bank of Thailand (1) does not target a fixed level for the exchange rate, (2) stands ready to intervene in the case of excess volatility, particularly resulting from speculative capital flows, in a manner consistent with the Bank’s inflation targeting framework. Why aren't they acting? Link to comment Share on other sites More sharing options...
davehowden Posted July 19, 2019 Share Posted July 19, 2019 South Korea is acting !! https://www.bloomberg.com/news/articles/2019-07-18/bank-of-korea-cuts-key-interest-rate-as-risks-to-economy-grow Link to comment Share on other sites More sharing options...
Cadbury Posted July 19, 2019 Share Posted July 19, 2019 1 hour ago, snoop1130 said: Thailand's new finance minister said he will not interfere in the central bank's monetary policy decisions As I understand the new finance minister is a member of the Phalang Prarachat Party. The party which looks after the interests of the filthy rich. No change to policy can only improve the wealth of PPP members. Suck it up the rest of you punters! Link to comment Share on other sites More sharing options...
Hayduke Posted July 20, 2019 Share Posted July 20, 2019 12 hours ago, snoop1130 said: New Thai finance minister says will not interfere in central bank policy That makes sense. Why on earth would a country's Finance Minister want be involved with the central bank's policy decisions? Link to comment Share on other sites More sharing options...
Isaan sailor Posted July 20, 2019 Share Posted July 20, 2019 Nothing surprises me. Apparently, government quite happy with hot money inflows and a subsequently high Baht. Link to comment Share on other sites More sharing options...
30la Posted July 20, 2019 Share Posted July 20, 2019 14 hours ago, snoop1130 said: Thailand's new finance minister said he will not interfere in the central bank's monetary policy decisions and will let it handle the strengthening baht currency. THB=TH. Why intrude? With the policy of the central bank all the rich, the government and the banks make billions! Link to comment Share on other sites More sharing options...
RichardColeman Posted July 20, 2019 Share Posted July 20, 2019 15 hours ago, snoop1130 said: The ministry plans to introduce economic stimulus measures after the government has announced its policies in parliament next week, Uttama Savanayana told reporters. Introduce all the stimulus you like, but with a too high baht, you are just building stockpiles of things you cannot sell or trying to sell goods to people already in debt and losing their jobs as they cannot export anything ! Link to comment Share on other sites More sharing options...
Srikcir Posted July 20, 2019 Share Posted July 20, 2019 17 hours ago, snoop1130 said: Thailand's new finance minister said he will not interfere in the central bank's monetary policy decisions Understandable. 'if you gaze long enough into an abyss, the abyss will gaze back into you' Friedrich Nietzsche Link to comment Share on other sites More sharing options...
owenm Posted July 20, 2019 Share Posted July 20, 2019 Thai exports are down 5.9% year on year and the USD is also down by the same amount over the past 6 months = the Bht is TOO high.. It realistically is overvalued by 10%.. But that's right, Thailand's new Finance Minister can't interfere with BOT's monetary policy without the former General's backing.. I mean PM Prayut.. Link to comment Share on other sites More sharing options...
Artisi Posted July 20, 2019 Share Posted July 20, 2019 22 hours ago, ukrules said: Why does the Baht continue to rise? It's not a freely floating currency. From here : https://www.bot.or.th/English/MonetaryPolicy/MonetPolicyKnowledge/Pages/ExchangeRate.aspx This : Why aren't they acting? They, actually he - is acting, acting strictly in accordance with the directives passed along by those benefiting from the inflated exchange rate. Link to comment Share on other sites More sharing options...
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