US economic boost of $600 bln not affect Thai baht: minister

19:17, November 05, 2010      

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Thai Finance Minister Korn Chatikavanij has said that he did not expect the 600 billion U.S. dollars injection into the U.S. economy to have any immediate effect on the Thai currency and its capital market.

Korn said the Thai government's existing measures remained effective enough to control the rising baht as the US Federal Reserve's announcement was in line with the government's earlier estimate of 500-700 billion dollars, according to local media reports.

The US Federal Reserve announced Thursday that it will buy an additional 600 billion dollars of treasuries through June next year, which could further depreciate the greenback.

Central banks from China to India and Australia have raised interest rates to curb inflationary pressures at a time when Japan and the U.S. are adding monetary stimulus to boost economic growth.

Meanwhile, Thailand's central bank governor Prasarn Trairatvorakul has confirmed that he has discussed with other central banks in the region, which are ready to impose joint measures to curb further speculative money in-flow.

However, the Thai private sector expressed skepticism that such joint measures might be too late and too hard to carry out.

"The joint action may look promising, but execution would be tough," said Aat Pisanwanich, director of the Center for International Trade Studies of the Thai Chamber of Commerce.

Source: Xinhua

(Editor:燕勐)

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