Baht level 'appropriate'
The current level of the baht is appropriate for Thailand's exports and imports as well as overal economic conditions, the Bank of Thailand (BOT) chief pronounced yesterday.
The comments by MR Pridiyathorn Devakula, governor of the central bank, were in reaction to a statement made by Finance Minister Thanong Bidaya on Tuesday that a suitable baht value would be between Bt39.50 and Bt40.50 per US dollar.The baht had appreciated against the dollar to Bt38.65 by March 2, from Bt41 at the end of last year. However, the baht has depreciated against the dollar over the past two days due to the BOT's intervention as well as the dollar's appreciation due to stronger US economic indicators, dealers said. The Thai unit opened yesterday at Bt38.87 to Bt38.90 and closed at Bt38.98 to Bt39.01. "The current baht level is suitable for our economy and exports. It is not necessary that opinions over the baht value be the same. "I think the exchange rate is suitable right now," Pridiyathorn said. The central bank's governor admitted the bank had "overseen" the baht level on Monday and left the currency market untouched on Tuesday. Anoma Srisukkasem, Somruedi BanchongduangThe Nation
|
