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Business, Finance & Economics in Thailand All about money and finances in Thailand and Asia; interest rates, stock market & commodities investing, banking and buying shares.

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Old 12-05-2013, 06:30 PM   #1 (permalink)
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Kittirat dreams of firing BoT governor

Phuket News: Kittirat dreams of firing BoT governor
Sunday 12 May 2013

BANGKOK: Finance Minister Kittiratt Na-Ranong admitted on Friday (April 19) that he has thought about replacing Bank of Thailand governor Prasarn Trairatvorakul because of his failure to cut the key policy rate, as he had called for.

“I think of changing the BoT chief everyday,” he said.

Speaking on “Thailand’s future economy” with former finance minister Korn Chatikavanij at a debate hosted by Suthichai Yoon, Mr Kittiratt said it was the first time that he had disclosed his thoughts on this matter.

The deputy prime minister for economic matters said his thoughts derived from the failure of the central bank chief to cut the repurchase rate to curb the baht’s appreciation, even after a series of discussions on the issue between the Ministry of Finance and the central bank.

Such ignorance forced him to send a letter to the BoT chief reminding him of the need for a policy rate cut, because if the economy was damaged someone must be held responsible for it, he added.

Mr Kittiratt said the repurchase rate should be lowered by one percentage point as the current rate of 2.75 per cent is too high and has led to the problems of a huge foreign direct investment inflow and the strengthening baht.

Mr Korn, deputy leader of the Democrat Party, said Mr Kittiratt should not have spoken out about wanting to replace the BoT governor, as it could erode the confidence of investors.

The former finance minister said he feels the current key policy rate is at a suitable level.

“Many other countries in the region have higher policy rates than Thailand and a cut in the key policy rate is not the solution to the baht’s appreciation,” Mr Korn said.
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Old 13-05-2013, 06:37 PM   #2 (permalink)
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BoT Governor: Cooperation crucial to baht solutions

BANGKOK, 13 May 2013 (NNT) - The economy-related agencies attending Monday’s meeting with the finance minister have all agreed that all sectors should work together to tackle the baht problem, while expressing concerns that the global crisis will affect Thailand's economy.

Governor of the Bank of Thailand (BoT) Prasarn Trairatworakul said after the meeting chaired by Finance Minister Kittiratt Na-Ranong on Monday that the meeting had listened to representatives of the private sector about their needs and what they had done about the baht appreciation. The meeting had agreed that each sector should cooperate with one another and do their part in stemming the baht movement.

The central bank had already prepared measures to curb the baht rising, the governor said. He also expressed concerns that the Thai export might be affected by the global economic slowdown.

Mr Prasarn added that the meeting on Monday was constructive and there was no pressure on the central bank, which is conducive to finding solutions to the baht problem. Relevant units should also meet again to discuss information from all sectors, he said.
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