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Thailand’s Finance Ministry Aims Fix Strong Thai Baht Issues

The Ministry of Finance will also be setting up working committees responsible for economic stability and for economy driving policies. More details of the new committees and their roles will be released after the New Year holidays.

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The Minister of Finance Uttama Savanayana has vowed to help solve the overly strong Thai baht issue, and set up committees to look after overall economic development. The Ministry is also set to issue SME business measures as a 2020 New Year gift, he said.

The Minister revealed that he has instructed related ministries to moderate the strength of the Thai baht. Furthermore saying that the Ministry of Finance is working with the Bank of Thailand on the issue. His ministry would help promote better integrated efforts with different agencies, including the National Economic and Social Development Council (NESDB).

He said only the Bank of Thailand has the authority to regulate the currency exchange rate. Furthermore the Ministry of Finance will look at information exchanges to help stabilize the currency.

The Ministry of Finance is now in the process of introducing business promotion measures as a New Year gift. Especially for SMEs, in compliance with a policy delivered by Deputy Prime Minister Somkid Jatusripitak. The Finance Minister said related agencies have already drafted the measures. Which should be proposed for Cabinet’s approval in January. Any measures not requiring the Cabinet’s approval will be proceeded with immediately by the Ministry of Finance.

The Ministry of Finance will also be setting up working committees responsible for economic stability and for economy driving policies. More details of the new committees and their roles will be released after the New Year holidays.

The Ministry is expecting better economic growth next year compared to this year. Due to internal factors such as higher purchasing power and government investments. Additional investments by the private sector; and external factors such as the global economic trend signalling a mitigation of conflicts between economic powerhouses.

Source: NNT

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