Prasarn Trairatvorakul
The government and the private sector did not pressure the Bank of Thailand for a rate cut at the May 29 meeting, according to Bank of Thailand governor Prasarn Trairatvorakul.
After the meeting in the morning, Prasarn said overall economic condition was at the centre of the discussion, not particular measures to tackle the baht appreciation or the policy rate.
"There was no pressure on the Monetary Policy Committee's rate decision, when it convenes the May 29 meeting," the governor said.
Deputy Prime Minister and Finance Minister Kittiratt Na-Ranong initiated the tri-partite meeting today, expected to neutralise the intensifying conflicts between the Finance Ministry and the central bank over the exchange rate policy. Joining the meeting, which is rare in nature, was the MPC members and the Federation of Thai Industries.
Prasarn said that short-term and long-term economic outlook was discussed, while the private sector expressed their troubles which ranged from labour shortage, productivity to competitiveness. It was agreed that all parties are facing big challenges in light of global volatility.
The MPC has been pressured to cut the policy rate, to slow down capital inflows which have boosted the baht against US dollar. Prior to its next meeting, the National Economic and Social Development Board will reveal economic indicators in the first half.
Prasarn noted that Kittiratt suggested similar meetings in the future and that the central bank would host the next. He agreed that many issues require views from the public sector, for integrated measures.
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Article source: http://www.thethailandlinks.com/2013/05/13/smooth-bot-finance-meeting/
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