BOT ready to deal with strengthening baht: Arkom
The Bank of Thailand (BOT) is ready to deal with a strengthened baht to support exporters, Finance Minister Arkom Termpittayapaisith said on Wednesday.
“The baht has strengthened at a high rate and the BOT will take more steps to control this,” he said at the Bangkok Post International Forum 2020.
Arkom said financial policies next year will focus on investment to prepare Thailand for the time when its economy recovers fully from the Covid-19 crisis.
Digital technology, environment and health will help economic recovery, he said.
Arkom promised that the government would be careful when borrowing money.
He also said his ministry would reform the tax system.
The minister said the second phase of the “Khon La Krueng” campaign will launch from January 1 and is expected to stimulate domestic consumption in Thailand, increasing the gross domestic product (GDP) by at least 3.5 per cent next year.
He mentioned that Thai GDP in 2020 will contract around 6 per cent, while the International Monetary Fund predicted it would contract by 7.1 per cent.