Industry Ministry discussed Thai Baht currency control measures with central bank

 

   

BANGKOK, 15th August 2019 (NNT) - The Minister of Industry has held talks with the Bank of Thailand’s Governor over measures to control the fluctuation of Thai Baht currency, minimize impacts faced by SMEs and promote the import of machinery during this time to take advantage of the stronger currency.

 

The Minister of Industry Suriya Juangroongruangkit held talks with Bank of Thailand’s Governor Veerathai Santiprabhob and expressed his satisfaction with Bank of Thailand’s existing measures and attempts to control the currency.

 

The Industry Minister proposed measures to help business owners, such as the promotion of Thai Baht as a currency for international trade to reduce the risks from US Dollar currency fluctuation, encouraging business owners to purchase currency exchange insurance packages and encouraging them to import machinery during this time while Thai Baht currency is stronger. The Ministry of Industry will be discussing with the Board of Investment (BOI) plans to issue tax incentives for machinery importers, which will help weaken the Thai currency and help increase competitiveness among local SMEs.

 

Meanwhile, Deputy Prime Minister Somkid Jatusripitak today held talks with executives at the Ministry of Industry, proposing guidelines for the BOI to support further investments by the private sector, including the machinery purchasing promotion and other support measures for SMEs.

 

-- © Copyright NNT 2019-08-15

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i'm doing my part.. just put off my planned villa build to purchase a semi-detached back home 

 

every little helps ????

 

 

 

 

Thanks a lot Khun Juangrunruangkit, we foreigners from the UK are so thankful that you are happy.

 

Pull up the drawbridge I'm alright Jack!!

 

8 minutes ago, webfact said:

control the fluctuation of Thai Baht currency, 

Fluctuations with a very low frequency, upwards for a few years now.

He obviously cares more about buying machinery than the economy , way to go take care of yourself .

"the promotion of Thai Baht as a currency for international trade to reduce the risks from US Dollar currency fluctuation"

 

If that happens, won't that make the Thai Baht even stronger.  If it is seen as a currency for international trade as an alternative to the dollar (and not just for importing Thai goods or spending in Thailand), that would make the Thai Baht even stronger.  What am I missing?  I'm no Minister of Industry by any means.

1 hour ago, webfact said:

Industry Ministry discussed Thai Baht currency control measures with central bank

A more factual headline might read........

"Industry Minister discusses with Central Bank how the value of the baht can be manipulated".

........without anyone catching on.

Edited August 15, 20196 yr by Cadbury

35 minutes ago, Cadbury said:

A more factual headline might read........

"Industry Minister discusses with Central Bank how the value of the baht can be manipulated".

........without anyone catching on.

Perhaps this 'non-manipulation' could be to keep the Baht as it is right now, in order for the government to make all their foreign purchases, then later not tell the BOT to manipulate it to encourage tourism.

Stimulate , manipulate , fluctuate .. time for the ''PROBE''

Edited August 15, 20196 yr by mok199

3 hours ago, keith101 said:

He obviously cares more about buying machinery than the economy , way to go take care of yourself .

Well he is the industry minister and if you need to buy machinery from another country now would be the time 

4 hours ago, Angry Dragon said:

"the promotion of Thai Baht as a currency for international trade to reduce the risks from US Dollar currency fluctuation"

 

If that happens, won't that make the Thai Baht even stronger.  If it is seen as a currency for international trade as an alternative to the dollar (and not just for importing Thai goods or spending in Thailand), that would make the Thai Baht even stronger.  What am I missing?  I'm no Minister of Industry by any means.

THB will be used for international trade as soon as Thai becomes worldwide recognized language - so like any minute, since the great great great P said so few years ago already

2 hours ago, mok199 said:

Stimulate , manipulate , fluctuate .. time for the ''PROBE''

Ha ha ha! The closest thing to a real probe here is the one on Mars right now.

Great sound logic "tax incentives to buy machinery will help lower baht!" Love to know what university gave him his economics degree?

15 hours ago, mok199 said:

Stimulate , manipulate , fluctuate .. time for the ''PROBE''

You missed flatulate.

10 minutes ago, overherebc said:

15 hours ago, mok199 said:

Stimulate , manipulate , fluctuate .. time for the ''PROBE''

You missed flatulate.

Yer talking out yer arse.

22 minutes ago, bluesofa said:

Yer talking out yer arse.

In the words of Dick Emery.

Ooh, you are awful, but I like you.

Edited August 16, 20196 yr by overherebc

16 hours ago, bluesofa said:

Perhaps this 'non-manipulation' could be to keep the Baht as it is right now, in order for the government to make all their foreign purchases, then later not tell the BOT to manipulate it to encourage tourism.

Non-manipulation that works out nicely for Thailand...
Go buy machinery from overseas now & we'll give you tax incentives to do it.

Before we drop the value back down again !

20 hours ago, webfact said:

The Minister of Industry has held talks with the Bank of Thailand’s Governor over measures to control the fluctuation of Thai Baht currency, minimize impacts faced by SMEs and promote the import of machinery during this time to take advantage of the stronger currency.

Those talks should never have been held!

The BoT is allegedly an independent State organization and such talks are an intrusion on BoT's policy making process. These talks lend public suspicion that BoT is a political advocate of the Prayut government and parliament should take note of the bank's violation of public trust!

 

Thailand's central bank insists on policy independence (July 2014)

https://www.eiu.com/industry/article/681996652/thailands-central-bank-insists-on-policy-independence/2014-07-08

Statements made apparently in response to policy pressures from the NCPO.

"Prasarn Trairatvorakul, governor of the Bank of Thailand (BOT, the central bank), has issued an unusual warning in defence of the BOT's independence as the country's military rulers decide to pursue many of the previous government's populist spending programmes."

GUYS...... officialy press article are not the real thing what thais  do and think is not in the news you will hear only once they have done something nothing before is going on press.

9 hours ago, Paul Henry said:

Great sound logic "tax incentives to buy machinery will help lower baht!" Love to know what university gave him his economics degree?

it's actually more logical than the other claim about making the THB a currency of international trade (and the stronger value of the THB that would result in).  That's just a pipe dream though.

 

I think the tax incentive logic works as follows:

1.  tax incentives on machinery will result in more machinery purchases.

2.  most machinery would (likely) be imported stuff

3.  to import stuff, you need to sell THB and buy foreign currencies.

4.  selling THB and buying foreign currencies will help weaken the THB.

On 8/15/2019 at 2:51 PM, webfact said:

promotion of Thai Baht as a currency for international trade to reduce the risks from US Dollar

TOOOO lol. 555555555.

 

The world's next reserve currency.

 

Edited August 16, 20196 yr by Number 6