Thai acting PM asks finance ministry to monitor weak baht

THAILAND’S acting Prime Minister Prawit Wongsuwan has asked the finance ministry to closely monitor a weak baht currency and its volatility and seek broad opinion to determine policies, a government official said on Tuesday (Sep 20).

There were concerns about weakness in the currency and also oil prices, spokesperson Anucha Burapachaisri told a briefing after a weekly Cabinet meeting.

The baht has been trading at its weakest level in more than 15 years against the US dollar.

However, industrial sentiment improved in August, hitting its 11-month high, as consumers had more confidence in the Thai economy, Anucha said.

The Cabinet approved an investment budget of 276 billion Thai baht (S$10.6 billion) for state-owned enterprises in the 2023 fiscal year starting Oct 1, he added.

Prawit is currently serving as caretaker while premier Prayuth Chan-ocha remains suspended pending a court verdict on his tenure as leader, which is scheduled for later this month.

On Saturday, Finance Minister Arkhom Termpittayapaisith said South-east Asia’s second-largest economy was expected to grow 3 per cent to 3.5 per cent this year, and 3 per cent to 4 per cent next year, helped by tourism, exports and public investment. REUTERS