Meeting not to hurt BOT's independence: private sector

Business people are convinced that the Bank of Thailand's independence would be maintained despite public concern on growing political pressure.

Pornsilp Patcharintanakul, vice chairman of Thai Chamber of Commerce, holds a positive view that the meeting between Deputy Prime Minister Kittiratt Na-Ranong and the Monetary Policy Committee on Monday is just a session for opinion exchanges. This is to streamline information to the public, not an intervention, he said.

"The private sector is invited to join so that they receive the same information. Certainly, information that may lead to speculation would not be unveiled and we understand this," he said.

The private sector agreed with Kittiratt that the BOT should cut the policy rate. As this is not one of the options proposed by the BOT, Pornsilp hoped to get more clarification on this from the BOT.

He hopes that after the meeting, the private sector wants to see cooperation between the Finance Ministry and the Bank of Thailand in tackling baht movement in the long term.

Paiboon Ponsuwanna, chairman of Thai National Shippers' Council, also believed that the government cannot force the BOT. To him, the meeting is just a sign that the government is serious in reigning in speculation.

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Article source: http://www.thethailandlinks.com/2013/05/10/meeting-not-to-hurt-bots-independence-private-sector/