Central bank should slow baht appreciation and cut interest rate: Pichai

13 Sept 12:29 Key points summarised by AI

Commerce Minister Pichai Naripthaphan urged the Bank of Thailand (BOT) to implement measures to curb the baht's appreciation, which has reached a 19-month high, severely impacting Thai exports.
Pichai criticized BOT Governor Sethaput Suthiwartnarueput's reported remark on de-emphasizing GDP growth, asserting that a strong GDP is crucial for national development and improving citizens' livelihoods.
He advocated for the BOT to consider cutting interest rates to enhance liquidity and reduce borrowing costs, emphasizing that monetary policy should extend beyond merely controlling inflation to actively boost the economy.
The minister highlighted that the baht's significant strengthening (5-6% within a month) makes Thai exports, especially agricultural produce, less competitive in the global market.
Pichai plans to meet with the BOT governor to discuss these economic measures, despite the central bank's consistent resistance to government calls for interest rate cuts.

Nationwide crackdown launched on illegal nominee shareholders and land holdings

Yesterday 15:20 Key points summarised by AI

Thailand's Prime Minister Anutin Charnvirakul initiated a nationwide crackdown on illegal Thai nominee shareholders in foreign-run businesses and land holdings to safeguard national interests.
The government will integrate efforts across all relevant agencies to target illicit foreign operations, forced sales of illegally acquired property, and high-risk land ownership schemes.
Key strategies include auditing suspect land and building holdings, establishing a long-term monitoring system, and cross-referencing data from various authorities to trace ultimate beneficial owners.
Prime Minister Anutin emphasized that no influential figures or corrupt officials are above the law, promising straightforward prosecution, asset seizures, and protection for enforcing officers.
Beyond land ownership, the integrated crackdown will also extend to tackle transnational crimes, including drug and human trafficking.