snoop1130 Posted August 8, 2019 Share Posted August 8, 2019 Somkid vows efforts to restore baht stability By The Nation Deputy Prime Minister Somkid Jatusripitak Deputy Prime Minister Somkid Jatusripitak on Thursday (August 8 ) told high-ranking executives that he would soon appoint a special committee to supervise the country’s finance and treasury matters, aiming primarily to restore the stability of the baht. The committee is expected to consist of experts and officials from the Finance Ministry, the Bank of Thailand, the Stock Exchange of Thailand and related agencies. “The top priority of the government’s economic teams is to build confidence among foreign investors by continuing projects undertaken by the previous government,” he said. “The private sector should also take part in this endeavour, as it is the first step towards reforming Thailand’s economy.” Regarding implementation of economic stimulus measures, the deputy PM said that currently the ministries of Finance, Agriculture and Cooperatives, and Tourism and Sports are preparing detailed action plans to present to the Cabinet, which is scheduled to meet soon. Somkid added that in 2020, the Eastern Economic Corridor will fully implement 5G to facilitate development projects and improve the quality of agricultural products using new technology and innovations. “5G will help add value to Thailand’s export products, as well as improve the quality of services in the tourism and hospitality sectors,” he said. Source: https://www.nationthailand.com/business/30374495 -- © Copyright The Nation Thailand 2019-08-08 Follow Thaivisa on LINE for breaking Thailand news and visa info Link to comment Share on other sites More sharing options...
Popular Post RotBenz8888 Posted August 8, 2019 Popular Post Share Posted August 8, 2019 3 minutes ago, snoop1130 said: restore the stability of the baht. =devalue? 4 Link to comment Share on other sites More sharing options...
Popular Post Matzzon Posted August 8, 2019 Popular Post Share Posted August 8, 2019 I can´t belive they actually would do that, but in my opinion the only thing they possibly can do to reach that goal is currency manipulation. And that´s nothing this honourable and trustworthy government would get involved in. 1 5 Link to comment Share on other sites More sharing options...
Popular Post trainman34014 Posted August 8, 2019 Popular Post Share Posted August 8, 2019 Here we go; another 'Special Committee' filled with relatives ! 4 2 Link to comment Share on other sites More sharing options...
Brigand Posted August 8, 2019 Share Posted August 8, 2019 Short of devaluing it, you really only can restrict hot inflows a lot more than now or seriously restrict the availability of government bonds ... which might upset some powerful people. Short of those, then start spending the countries reserves of Yuan so that they are not too high or clamp down on Thailand being used as a money laundering machine by the Chinese. 2 Link to comment Share on other sites More sharing options...
Popular Post BestB Posted August 8, 2019 Popular Post Share Posted August 8, 2019 What does he mean by stability ? It has been the most stable currency in the world for past 5 years at least . As an export country in Asia, Thailand must be competitive with its neighbors. increasing prices and stronger currency is NOT being competitive 3 Link to comment Share on other sites More sharing options...
Popular Post garyk Posted August 8, 2019 Popular Post Share Posted August 8, 2019 (edited) 1 hour ago, RotBenz8888 said: =devalue? Exactly what I was thinking! Following mother China. Edited August 8, 2019 by garyk 2 2 Link to comment Share on other sites More sharing options...
Popular Post mok199 Posted August 8, 2019 Popular Post Share Posted August 8, 2019 Its getting harder and harder to watch these criminals ply their trade... 3 Link to comment Share on other sites More sharing options...
wisperone Posted August 8, 2019 Share Posted August 8, 2019 2 hours ago, snoop1130 said: preparing detailed action plans to present to the Cabinet, which is scheduled to meet soon. So if it is scheduled already...why not just announce the scheduled date. 1 Link to comment Share on other sites More sharing options...
Nong Khai Man Posted August 8, 2019 Share Posted August 8, 2019 33 minutes ago, garyk said: Exactly what I was thinking! Following mother China. Yeah But By Just what % Link to comment Share on other sites More sharing options...
Cadbury Posted August 8, 2019 Share Posted August 8, 2019 2 hours ago, snoop1130 said: Somkid vows efforts to restore baht stability Somkid is history. The big enchilada, PM Prayut is now the economics mastermind of Thailand. Good luck Thailand. 1 Link to comment Share on other sites More sharing options...
Popular Post nong38 Posted August 8, 2019 Popular Post Share Posted August 8, 2019 The committee are due to meet for their first meeting on 30th February 2021 and will include 5 fortunetellers and fruit machine. 5 Link to comment Share on other sites More sharing options...
cheshiremusicman Posted August 9, 2019 Share Posted August 9, 2019 Hopefully, the 'Fruit Machine' will come up with a jackpot, but I live in hope! Link to comment Share on other sites More sharing options...
Isaan sailor Posted August 9, 2019 Share Posted August 9, 2019 Obvious now what this hot money inflow game consists of. China parks its daily maturing USD Treasuries into Bank of Thailand, by agreement. They buy short term Thai bonds (money laundering, except it’s legal). This in turn drives the Baht to glorious new heights. And Baht cheerleaders extoll the virtues of Thailand’s high USD reserves... For the ChiComs, they have safe haven to grow Belt & Road funds. Conversely, Thailand’s economy suffers. 1 Link to comment Share on other sites More sharing options...
DrTuner Posted August 9, 2019 Share Posted August 9, 2019 Stability as in entering the race to the bottom. Fiat currencies are all heading down as countries try to compete with exports. 1 Link to comment Share on other sites More sharing options...
DrTuner Posted August 9, 2019 Share Posted August 9, 2019 20 minutes ago, Isaan sailor said: Obvious now what this hot money inflow game consists of. China parks its daily maturing USD Treasuries into Bank of Thailand, by agreement. They buy short term Thai bonds (money laundering, except it’s legal). This in turn drives the Baht to glorious new heights. And Baht cheerleaders extoll the virtues of Thailand’s high USD reserves... For the ChiComs, they have safe haven to grow Belt & Road funds. Conversely, Thailand’s economy suffers. There was a link in another thread to BoT's bond buyers, didn't look like the inflow was into bonds, no real change there. The hot money is flowing somewhere else, but for sure it's flooding in. Chinese are trying to hide the money from their own government. 1 Link to comment Share on other sites More sharing options...
Angry Dragon Posted August 9, 2019 Share Posted August 9, 2019 (edited) 19 hours ago, Brigand said: Short of devaluing it, you really only can restrict hot inflows a lot more than now or seriously restrict the availability of government bonds ... which might upset some powerful people. Short of those, then start spending the countries reserves of Yuan so that they are not too high or clamp down on Thailand being used as a money laundering machine by the Chinese. so spend it on infrastructure or some other good, which will make the economy stronger, which will lead to higher interest rates, which will increase the value of the baht? or by spending do you mean sell it for baht, which would strengthen the baht even more directly? Edited August 9, 2019 by metisdead Please do not modify someone else's post in your quoted reply, either with font or color changes or wording. Link to comment Share on other sites More sharing options...
Srikcir Posted August 9, 2019 Share Posted August 9, 2019 19 hours ago, snoop1130 said: Deputy Prime Minister Somkid Jatusripitak on Thursday (August 8 ) told high-ranking executives that he would soon appoint a special committee to supervise the country’s finance and treasury matters, That's a little strange in the light that Somkid was basically just demoted (2019-08-08). https://forum.thaivisa.com/topic/1116539-can-prayut-avert-the-approaching-perfect-storm-as-chief-of-economic-team/?utm_source=newsletter-20190808-1235&utm_medium=email&utm_campaign=news Prime Minister General Prayut Chan-o-cha has decided to chair the Council of Economic Ministers. Apparently, he will be replacing Deputy Prime Minister Somkid Jatusripitak because he wants to coordinate the work of different ministers representing parties in the coalition. Now the question is, will Prayut and Somkid manage the economy better together than Somkid on his own? I'm sure the opposition parties will have an answer. Link to comment Share on other sites More sharing options...
Angry Dragon Posted August 9, 2019 Share Posted August 9, 2019 (edited) 3 hours ago, Isaan sailor said: Obvious now what this hot money inflow game consists of. China parks its daily maturing USD Treasuries into Bank of Thailand, by agreement. They buy short term Thai bonds (money laundering, except it’s legal). This in turn drives the Baht to glorious new heights. And Baht cheerleaders extoll the virtues of Thailand’s high USD reserves... For the ChiComs, they have safe haven to grow Belt & Road funds. Conversely, Thailand’s economy suffers. really? why bother parking USD treasuries with the BOT (assuming that's even possible)? China can just take its proceeds from treasuries and purchase short term Thai bonds. Money laundering? Edited August 9, 2019 by metisdead Please do not modify someone else's post in your quoted reply, either with font or color changes or wording. Link to comment Share on other sites More sharing options...
Isaan sailor Posted August 9, 2019 Share Posted August 9, 2019 7 minutes ago, Angry Dragon said: really? why bother parking USD treasuries with the BOT (assuming that's even possible)? China can just take its proceeds from treasuries and purchase short term Thai bonds. Money laundering? Yes, really. BTW I did say it was a legal form of money laundering. But you apparently missed that, too. Link to comment Share on other sites More sharing options...
RichardColeman Posted August 9, 2019 Share Posted August 9, 2019 Don't think that they have cottoned on to the fact that people are investing money into Thailand for the bank interest - not investing money into Thailand for the economy ! Link to comment Share on other sites More sharing options...
Tropposurfer Posted August 9, 2019 Share Posted August 9, 2019 19 hours ago, trainman34014 said: Here we go; another 'Special Committee' filled with relatives ! That is very very funny ... the reality of this happening is frigin tragic in its sycophancy but hellishly funny ???? 1 Link to comment Share on other sites More sharing options...
StayinThailand2much Posted August 9, 2019 Share Posted August 9, 2019 On 8/8/2019 at 8:19 PM, Nong Khai Man said: Yeah But By Just what % By 2 to 2.5%, just like the Chinese currency, would make sense. Link to comment Share on other sites More sharing options...
jerojero Posted August 9, 2019 Share Posted August 9, 2019 Just leave out the Generals from this committee and maybe the economy will improve. Link to comment Share on other sites More sharing options...
jerojero Posted August 9, 2019 Share Posted August 9, 2019 5G will help agriculture products? Really? Sheesh! Link to comment Share on other sites More sharing options...
.png.3b3332cc2256ad0edbc2fe9404feeef0.png)
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now