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Pattaya Daily News

24 September 2008 :: 12:09:16 pm 42167

Thai Central Bank Ready to Cooperate With New Finance Minister

BANGKOK, Sept 24 - Bank of Thailand (BoT) Governor Tarisa Watanagase on Tuesday affirmed that the central bank is ready to work together with the new finance minister.
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Her affirmation came amid news reports that acting deputy finance minister Suchart Thadadamrongwej would assume the finance minister portfolio in the new cabinet line-up. Mr. Suchart was seen at loggerheads with the central bank governor for the latter’s insistence on adopting a strict monetary policy to rein in rising inflation.

The BoT governor saw the need to raise the policy interest rate to control inflation while the minister supported an interest rate cut to stimulate the economy.

Mrs. Tarisa said the central bank is ready to work cooperatively with whoever takes up the finance ministerial portfolio because the bank had already adhered to the discipline of the policy implementation.

Once the new finance minister is appointed, the bank would inform him of the latest economic data because the global economy is now changing rapidly.

She said a close watch should be kept on possible economic fluctuations.

Regarding mounting fears that Thailand’s exports would grow at a slower pace as a result of the economic crisis in the United States, she said more information is needed to assess the situation.

“As far as the information we have received indicates, export values and growth rates in the 1st and 2nd quarters are at a close level,” she said.

On the bankruptcy of the US investment bank Lehman Brothers, Mrs. Tarisa reaffirmed it had little impact on Thai financial institutions because the institutions altogether had invested only Bt7 billion in the bank. (TNA)

Reporter : PDN staff   Photo : Internet   Category : Thailand News

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