A deputy prime minister said The Bank of Thailand (BOT) should ensure the baht is competitive and has a trade advantage as the coronavirus pandemic hits the economy.
Thailand is heavily reliant on tourism and exports. The country could lose up to 10 million jobs and more than US$40 billion.
Overall exports are weak but demand for food shipments has sharply increased. There is a need to ensure the export sector is able to compete, particularly with rival Malaysia and Vietnam.
The baht traded at 32.46 per US dollar, hovering near three-week highs but it has weakened by 7.9 percent against the greenback so far this year. BOT said, however, it has no policy of currency intervention with the aim of competitive advantage in trade.
To mitigate the impact of the outbreak on jobs and to boost domestic consumption, the government would introduce a new stimulus package in June.
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Published on April 23, 2020 5:56 PM (GMT+8)Last Updated on April 23, 2020 5:56 PM (GMT+8)
