Meeting to discuss the weakening baht

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The country’s sinking currency is increasing inflationary pressures, according to Finance Minister Arkhom Termpittayapaisith, who also promised to investigate if the decrease is related to the nation’s economic fundamentals. According to Arkhom, the Finance Ministry has limited authority because the Bank of Thailand controls monetary policy. In order to determine if the baht is degrading too quickly and how its value loss is harming the economy, businesses, and consumers, a joint analysis will be conducted during the planned discussion. In the meantime, it’s been claimed that the government has put in place a number of steps to lower high energy prices in an effort to aid companies in controlling their production expenses. Since July 2, 1997, the baht has not been fixed to the US dollar. Numerous factors influence the value of the currency, and the ministry will speak with the Bank of Thailand to determine which ones are responsible for the baht’s volatility.

A meeting has been scheduled to discuss the implications of the weakening baht, and the Bank of Thailand is frantically trying to identify its causes.
Prawit Wongsuwon, the deputy premier of Thailand, is said to have urged the cabinet that something needed to be done to manage the baht, and Arkhom agreed to look into the situation. To ascertain the reason for the baht’s drop, the Finance Ministry will speak with the Bank of Thailand. However, he claims that the difference in interest rates between the US and Thailand has had little impact on capital outflows. After the US Federal Reserve has finished raising interest rates, according to Arkhom, the Thai baht will adjust in line with the US Federal Reserve. External forces, such the advancing US currency, may be a contributing cause. “Imports of raw materials, a major component of production costs, are impacted by a weak baht,” The government has put policies into place to control retail pricing. We have made use of every resource we have to keep expenditures under control. Prawit, however, was unable to respond to the question of whether he wanted to reinstate the 35 baht to the US dollar exchange rate. I used the term “should,” but the relevant authorities will look into it and take whatever action they can.