Kittiratt blasts central bank on currency management
By English News



BANGKOK, June 13 - The Bank of Thailand (BoT) should better manage the baht movement to avoid adverse effects of exchange rate volatility as has occurred in the last several months, Deputy Prime Minister/Finance Minister Kittiratt Na-Ranong said today.

He said the Thai currency recently surged to Bt28 against the dollar and now dropped to Bt31 against the greenback – a swift movement that may have a negative impact on importers.

The Bank of Thailand should see to it that the baht moves in tandem with currencies of Thailand’s trading partners and competitors without having to be pegged solely to the US dollar, he said.

Mr Kittiratt said Thailand’s national reserves are much higher than other countries’ and it could be a vital mechanism in maintaining the baht movement to avoid volatility and ensure more stability.

He cited the Oil Fund which suffered losses but managed to keep oil prices from surging and avoided severe affects on the public and the industrial sector.

“If the baht was not jacked up to Bt28 against the dollar, we would not have to encounter the weakened baht like today. The currency movement should be gradual instead of being strong for three months and weak for four months,” said the deputy prime minister.

Mr Kittiratt said he was not concerned with the nosediving Thai stock index which is in accord with the region especially the TIP group which includes Thailand, Indonesia and the Philippines.

Thailand’s fundamentals remain strong, international reserve is high and liquidity is sufficient, he said, adding that the government’s Bt2 trillion investment in infrastructure projects will stimulate the economy.

The Thai currency was at Bt30.95/97 against the dollar at the opening today, slightly changed from its closure at Bt30.93/95 against the greenback yesterday. Its movement is in tandem with regional currencies.

Financial analysts predicted the baht to continue weakening. (MCOT online news)

-- TNA 2013-06-13

Does Kittirat know anything about economics at all?

What? He was slamming them because it was too strong and exporters were suffering only a month ago.

Now it's hurting importers. What the hell is this guy going on about.....

This idiot shouldn't be in charge of running a bath let alone compaining about running the Baht.

Incredible ignorance.

Korn will have to straighten him out

Again!

This idiot is now criticizing low bath, not too long ago he was saying is too high just like my X nothing is good. So what else is new

Time to sell some rice !!

Chalerm has been in the news recently so maybe he felt it was his turn to say something stupid.

come on, 35-1

The Bank of Thailand should see to it that the baht moves in tandem with currencies of Thailand’s trading partners and competitors without having to be pegged solely to the US dollar, he said.

The US dollar is getting stronger against most currencies, which means the baht is moving in tandem. I don't know what he is complaining about ... but I don't think he does either.

When all the foreign money deserts the Thai stock market and all the Thai day traders are holding the baby he will change his tune.

For a while I thought he was relatively smart but really....

Kittirat, the chicken of white lies, is lying himself. Wonderful performance, unique, copied by many of his fellows.

"......the TIP group which includes Thailand, Indonesia and the Philippines."

I suppose in the PI they call it the PIT group. Both a somewhat appropriate.

I don't suppose government policies and a warning from moodys may have had anything to do with the situation? Most of the Thais I know seem to believe that they live in a vacuum, that no matter what goes on elsewhere, things in Thailand won't be affected

So nothing to do with ministers admitting to telling "white lies" and Moody's finally waking up to the fact the govt figures are probably b#&&$@it.

This man is a complete dimwit , he wouldn't know the difference between a cent or a dollar, like he's leader in Dubai , thinks that Thailand should copy the Bank of Japan model , they've only been in a depression for the past twenty five years.

Don't get to happy guys the BOT intervened today. So much with in line with regional currencies. In the Post the article says that the BOT didn't find it worrisome. If it wasn't worrisome and the policy the policy is to be inline with regional currency. What the heck did they intervene.

Wouldn't be nice if just once the jerks would just tell the truth, They wanted that hot money simple as that. They chase that dollar they will be right back where they were in 97.

The whole thing has been one huge con job.

Maybe he should read some international press or watch some CNN or BBC ....he would note that $AUS & $NZD have also depreciated by 10%+ against the $US in the last couple of weeks....don't read about their finance ministers running around like a chock with no head

He's a minister, an appointee, he's a political animal,

why does he have to make sense or be consistant?

The BOT did read them used them to support his position.

If anyone is to blame for the volatility here it is Kittirat himself. Much of it is down to the US$ volatility but if Kittirat had actually concentrated on his own job instead of continually interfering with the BOT, the interest rate probably wouldn't have needed to be dropped.

He's just playing politics and trying to put another lackey in charge of another largely independent organisation.

If anyone is to blame for the volatility here it is Kittirat himself. Much of it is down to the US$ volatility but if Kittirat had actually concentrated on his own job instead of continually interfering with the BOT, the interest rate probably wouldn't have needed to be dropped.

He's just playing politics and trying to put another lackey in charge of another largely independent organisation.

I would love you to back this up with some explanation, especially the part about the interest rate probably wouldn't have needed to be dropped part.

You are aware these things are fairly complex?

Does Kittirat know anything about economics at all?

Nope! Is he not the guy who thought it was best to lie to the public so they would not get concerned about economics that they know nothing about? The dollar went up and the Baht went down. Pretty simple really.

Would have been had they not intervened. That is a complete reversle of their stated position for months while the baht went up.

This all because the FED said they may taper Q.E. in the coming months. So all that hot money coming in, did what hot money does went to where they think the next best play is.

Wasn't it the finance minister the one who said it was OK to lie?

Their selling dollars in an effort to control losses. Their going to need a lot of it. Unless the hot money comes back and it could,

If anyone is to blame for the volatility here it is Kittirat himself. Much of it is down to the US$ volatility but if Kittirat had actually concentrated on his own job instead of continually interfering with the BOT, the interest rate probably wouldn't have needed to be dropped.

He's just playing politics and trying to put another lackey in charge of another largely independent organisation.

I would love you to back this up with some explanation, especially the part about the interest rate probably wouldn't have needed to be dropped part.

You are aware these things are fairly complex?

Not that complex at all. A few months ago the Baht rose to around 28.50 to the $US. Kittirat screamed that it was affecting exporters, 'forgetting' that much of Thailand's export trade relied on raw material imports. He continued to put enormous pressure, even threatening Prasarn with sacking, on the BOT. They eventually relented last month and dropped the base rate by .25% when the Baht has already dropped to the mid-to-high 29s.

Now the Baht has dropped to over 31 to the dollar and the idiot is still mouthing off, this time about importers. Much of the volatility is from the dollar itself (look at how other currencies have moved relative to it). He got his interest rate reduction - he actually wanted .50% - so what's his current gripe?

It's almost if he is saying that the bank shouldn't have dropped the rate at all. That's probably correct but he virtually forced them to do so. Instead of keeping his mouth shut (the intelligent strategy) he makes a fool of himself.

"......the TIP group which includes Thailand, Indonesia and the Philippines."

I suppose in the PI they call it the PIT group. Both a somewhat appropriate.

I wonder what they call the Singapore, HongKong, Indonesia and Thailand group?

The bloke has just proven himself to be an economic neanderthal.

"recently surged to Bt28 against the dollar and now dropped to Bt31 against the greenback"

Guess exports and tourists mean nothing to Thai economy

This idiot is now criticizing low bath, not too long ago he was saying is too high just like my X nothing is good. So what else is new

+1

What? He was slamming them because it was too strong and exporters were suffering only a month ago.

Now it's hurting importers. What the hell is this guy going on about.....

He is a 'plonker' of the highest order - who is it that encouraged (because the lord almighty in a foreign land wanted) the bank of Thailand to bring the interest rates down?? Not looking so clever now, is it!!

He once described the 300 baht minimum wage as a 'one off tax' that won't hurt the budget.

This man is a complete dimwit , he wouldn't know the difference between a cent or a dollar, like he's leader in Dubai , thinks that Thailand should copy the Bank of Japan model , they've only been in a depression for the past twenty five years.

I for the life of me can not understand why you are giving him so much credit.

You have just insulted Dimwits the world over.