The baht has strengthened on the back of improved investor confidence in the region and Thailand’s rosier economic outlook, the central bank said.
Bank of Thailand spokeswoman Roong Mallikamas said the baht was at 32.12-32.14 per US dollar when the currency market opened yesterday and had the potential to reach 32 late in the afternoon, which would mean it was moving in line with other currencies in the region.
She said the baht was strengthening because investors in the capital market had more confidence in Asian markets after there was clarity on Indonesia’s election result. Meanwhile the Office of the National Economic and Social Development Board was set to adjust its 2014 economic-growth projection from 1.5-2.5 per cent to above 2.5 per cent.
“The increased confidence in Thailand’s political and economic situations have brought back foreign investors to Thailand’s stock market after its importance had been lowered earlier, which can be seen in the increase of foreign funds in the stock and bond markets that have been rising since June.
“This situation differs from May when there were outflows of foreign capital, which made the baht one of the weakest currencies in the region,” Roong said.
BBTV seeks fee waiver
Bangkok Broadcasting and Television Co, the operator of Channel 7, has asked the National Broadcasting and Telecommunications Commission to waive the annual licence fee for its analog TV channel because it already pays a fee to the Army to operate the same channel.
Natee Sukolrat, chairman of the NBTC’s broadcasting committee, said his panel had sent the request to its legal sub-committee for consideration.
BBTV operates a digital TV channel and an analog TV channel under an Army concession. Last year the NBTC also granted it a five-year licence to operate the same analog channel.
BBTV told the broadcasting committee that it only wanted to pay the Army fee.
SET promotes four executives
The Stock Exchange of Thailand has announced the promotions of four key executives in recognition of their contributions to the success of the bourse, initiating excellent products and services for investors and stakeholders.
Effective August 1, Supakit Jirapraditkul will become executive vice president and head of the market supervision division. Pataravasee Suvarnsorn is promoted to senior vice president for the operations service group. Pannavadee Ladavalya Na Ayudhya is promoted to senior vice president and group head for communication and administration, and Noppakao Sucharitakul will become senior vice president and group head of customers and channels.
“The executives’ promotions are part of our strategic plan to boost the SET’s competitive advantage and capabilities to achieve greater scale and efficiency over the next three to five years,” said SET president Kesara Manchusree.
The promotions follow the SET’s succession plan, focusing on key aspects of human-resources development.