TNSC presses for Bt100bn export-relief fund
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Thai National Shippers Council (TNSC) chairman Nopporn Thepsithar on Thursday unveiled the exporters' plan to ask for the establishment of a Bt100 billion fund to increase export competitiveness.
He said that the white paper is being prepared, along with the study on the sources of fund.
He added that the most urgent now is the allocation of an amount, worth Bt20-Bt30 billion, to assist exporters' hedging against foreign exchange risks. As the baht is set to strengthen from 30.60 per US dollar at the end of last year, the government will need to step up its efforts in maintaining the baht level, he added.
He is believed that the 25-basis points cut in the policy rate should not significantly tame capital inflows and the baht appreciation.
The policy rate cut yesterday coupled with 22 measures led to the weakening in the Thai currency. Below 30 per US dollar, the baht is now the worst-performing currencies in Asia. In April, at 28.54, it gained nearly 7 per cent against the greenback.
Due to volatility, TNSC expects Thailand's export to expand only 4.92 per cent.
The Commerce Ministry recently revised down the export target this year from 8-9 per cent to 7-7.5 per cent.
