The Ministry of Finance will hold talks with the Bank of Thailand to discuss and delve into the factors behind the weakening baht, Minister of Finance Arkhom Termpittayapaisith has said.
Thai Finance Minister Arkhom Termpittayapaisith (Photo: The Nation)
Bangkok(VNA) - The Ministry of Finance will hold talks with the Bank of Thailand todiscuss and delve into the factors behind the weakening baht, Minister of FinanceArkhom Termpittayapaisith has said.
Arkhom said the depreciating currency has added toinflationary pressures thus necessitating an examination into whether thedeclining value of the baht is linked to the country's economic fundamentals orexternal factors including the fast-strengthening greenback, the Bangkok Postreported.
The Bank of Thailand is in charge of monetarypolicy and there is not much the ministry can do to intervene, so the plannedtalk will be a joint analysis to see whether the baht is depreciating too fast andhow its decline in value is affecting the economy, businesses and consumers, headded.
He said the government has introduced a raft ofmeasures to alleviate the impact of high energy prices to help businessesmaintain their production costs.
The minister said whenthe US Federal Reserve is finished hiking interest rates in a bid tocontrol inflation, the Thai currency will adjust accordingly.
The planned talk betweenthe Ministry of Finance and the Bank of Thailand comes amid concerns about theslide in the baht's value by Acting Prime Minister Prawit Wongsuwon.
Prawit said he had instructed the ministry,central bank and other agencies during a cabinet meeting on September 20 todiscuss ways of stopping the baht's slide./.
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Thai Finance Minister Arkhom Termpittayapaisith (Photo: The Nation) 
