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Prime Minister Surayud Chulanont had the support by the army in Thailand last Friday that they had promised to handle the volatile baht, that targeted the 10-year high as opposed to the US dollar, downplaying the effects for the economy. “There will be an expectation by the government that they will be stabilizing the baht so it will not fluctuate in the unacceptable level,” as told by Surayud to the reporters not even explaining.
The massive drive in the capital inflows, the currency has continuous fresh 10-year high as opposed to the US dollar, the increasing concerns in the weak profits in the exporters of Thailand. The stronger baht make the Thai exports as less competitive in abroad and cut down its value for the companies “profits that repatriated. The currency had been trading at a 33.26-28 for the greenback in the trading in the afternoon last Friday.
According to Surayud, in spite the worry in the slowing down of exports there is an increased caused the large effect to the economy. “This will definitely had an impact” to the economy.” Chalogphob Sussangkarn, the ministry in Finance had noted that the volatility in the currency is continuous, it seized to the announcement of the new measures to stop the increasing unit.
22:49
Posted on Jul-15-2007
