Calls to Devalue Baht
Bank of Thailand (BoT) chairman Chatumongol Sonakul has proposed devaluing the Thai baht, as it would boost export revenue in the tourism and agricultural sectors. Fiscal Policy Research Institute adviser Olarn Chaipravat added his agreement on Wednesday.
Speaking at a discussion group on Thailand’s macroeconomy, former deputy Prime Minister Olarn stated that the central bank had been able to keep the baht at 35.50 baht per US dollar during the first quarter of 2009, but it had now strengthened to 34 baht in the second quarter.
He claimed the most fitting value for the baht was about 36 to the US dollar.
Mr Olarn addes,”The government should speedily offer more loans to small and medium enterprises and tourism businesses to stimulate the economy”
He also rerquested that the government speed up its spending and decrease taxes allowing the country’s economy to recover faster.
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