Baht management above board

Finance chief insists no market distortion

- WICHIT CHANTANUSORNSIRI SOMRUEDI BANCHONGDUANG

Thailand has not engaged in any practices that distort market mechanisms in managing the currency, says Finance Minister Ekniti Nitithanprapas, adding central bank responsibilities include maintaining price and exchange rate stability.

The key principle for currency management is not to distort market mechanisms, which Thailand has followed, said Mr Ekniti.

The Bank of Thailand has exercised caution in managing the exchange rate. Anything that distorts or deviates from natural market conditions must be addressed, he said.

In a related development, Chayawadee Chai-anant, the assistant governor of corporate relations at the central bank, said on Tuesday the US Treasury Department and the Bank of Thailand issued a joint statement on exchange rate policy and data disclosure, as part of trade discussions with the US.