(01/05/2013)
The Monetary Policy Committee has expressed concern over recent
volatility and the rapid appreciation of the baht. Despite exchange rate
appreciation, it expects the Thai economy to remain resilient, which is
in line with other agencies’ assessments.The Monetary Policy Committee on 30 April 2013 attended a regular monthly macroeconomic briefing, organized by the Bank of Thailand, and discussed recent exchange rate developments.
According to its statement, the Monetary Policy Committee has been closely monitoring the recent baht appreciation and assessing its implications for the Thai economy. The committee sees that the recent gain in baht is largely attributable to foreign investors’ confidence in the strength of the Thai economy.
On the positive side, the baht appreciation has been conducive to business investment to enhance their productivity. However, the stronger baht also has negative impact on exporters, particularly small and medium-sized firms and those that rely heavily on domestic raw materials, agricultural products, and labor.
Nonetheless, the export sector’s continued structural and productivity improvements have helped alleviate the adverse impact to some extent. Recent volatility and rapid appreciation of the baht at times have not been justified by economic fundamentals.
The committee, therefore, agreed on the need for a timely implementation of appropriate policy mix as warranted by circumstances, in close coordination with the Ministry of Finance and other agencies.
Another statement, issued by the Bank of Thailand, said that the Thai economy in the first quarter of 2013 stabilized at a level comparable to the previous quarter. Private spending continued to be the key driver of economic activities, and tourism was buoyant.
Meanwhile, merchandise exports gradually recovered in line with a stabilizing global economy. On the stability front, unemployment was kept low, and inflation moderated. The currency appreciated from a surplus in the current account coupled with strong capital inflows in the form of direct investment and debt security investment by non-residents.
A report from the Office of the Board of Investment (BOI) indicates that investment in Thailand has continued to grow. Between January and March 2013, a total of 610 projects, worth 275 billion baht, sought BOI promotional privileges. The number represented an increase of 38 percent over the same period of 2012. The value accounted for an increase of 24 percent. Most of the projects involve services, public facilities, agro-industry, and automobiles and auto parts.
Foreign direct investment during the period rose by 8.3 percent, with 338 projects worth 157.67 billion baht. In terms of value, it increased by 17.5 percent. Japan remained the largest group of foreign investors in Thailand during the three-month period, followed by Malaysia, Hong Kong, the Netherlands, and Singapore.
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