Saturday, July 25, 2009

Bangkok Bank's Kosit sees Thailand's exports plunging over 10%

BANGKOK, July 25 (TNA) -- Kosit Panpiemras, Chairman of the Board of Executive Directors of Bangkok Bank, Thailand’s largest commercial bank, predicts that Thailand’s exports in 2009 would plunge more than 10 per cent, more than projection made by the Commerce Ministry.

Mr. Kosit, a former finance minister and former deputy prime minister, said although he believed the fall in the country’s exports had hit bottom, the Bank of Thailand should control the baht to move “at an appropriate level” or almost at the same level with other currencies.

However, he said it is difficult to control currency exchange because the US dollar continues to weaken.

Bank of Thailand deputy governor Atchana Waiquamdee echoed his views, saying that both the export and service sectors would continue to decline in line with weakening world trade and falling tourism revenue due to the current spread of the A(H1N1) virus.

Mrs. Atchana said country’s exports are expected to start recovering from late 2009 until next year.

The central bank, she said, projects that exports will drop 9.5-22.5 per cent in 2009 and would grow around 14.5-17.5 per cent in 2010. (TNA)

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