Currency measures to not impact market mechanism as per Thailand finance minister
Currency measures to not impact market mechanism as per Thailand finance ministerAny measures which are taken by the authorities for curbing the gains of the currency is not going to disrupt the mechanism of the market of baht. The finance minister of the country Uttama Savanaya has said this on Monday
He said that there are a few more steps which are available for the rebalancing of baht like the increase in the investment that is going outwards. He further added that the ministry is consulting with the central bank regularly and that has the responsibility over the currency functioning.
He said giving an assurance that nothing which they are considering is going to interrupt the mechanism of the market.
The economy of Thailand had taken a knock in the previous year as the demand globally was weak and a currency that was strong made the exports suffer in a nation that is reliant on trade. The growth in the economy has been forecast by their central bank to reach a level of 2.8% in the year from the estimated five-year low last year of 2.5%.
He said that the recent data had included a pickup in the consumption domestically which also pointed to an economic improvement. He has forecast a growth of nearly 3% for the year 2020.
The situation globally, the minister said is something they need to keep a close eye on as they are an economy which is very dependent on the exports.
The investment domestically has been lackluster too as there was a delay by the government in the passing of the annual budget which has been approved finally this weekend by the lawmakers. The baht saw a gain of 8% in the previous year.