Exporters fret over baht appreciation

Economy January 09, 2019 01:00

By The Nation

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The secretary-general of the Thai National Shippers’ Council said yesterday that exporters were concerned about the appreciation of the baht against the US dollar. 



Chaichan Charoensuk’s comment came as the baht touched Bt31 to the dollar, sparking fears it would hurt Thailand’s exports due to loss of price competitiveness.

He said the baht should stay at around Bt33-Bt33.5 per dollar. If the baht continued to rise, the council would want to discuss the issue with the Bank of Thailand (BOT). He said a date for the meeting has not been set, as exporters were evaluating developments in the foreign exchange market.

Meanwhile, BOT Governor Veerathai Santiprabhob warned that the exchange rate would be highly volatile this year, compared to its movement in the past few years. The central bank would closely monitor the exchange rate movement, which would impact asset prices. External factors such as a partial US government shutdown have recently caused the baht to rise against the US dollar, according to Veerathai. The central bank could not control external factors, he added.