TDRI economist foresees reasonable rate cut by end of 2024

13 Sept 15:23 Key points summarised by AI

TDRI economist Dr. Kirida Bhaopichitr anticipates a 25-basis-point policy rate cut by the Bank of Thailand by year-end to stimulate Thailand's sluggish economic growth, noting it won't significantly increase inflation.
The Thai baht's appreciation to a 30-month high is causing substantial revenue losses for the export sector, though Dr. Kirida points out its tendency to strengthen annually in the last quarter.
The baht's 12% appreciation is primarily attributed to a larger-than-expected US Federal Reserve rate cut and significant foreign capital inflows into the Thai stock market and direct investments.
Despite currency volatility, Dr. Kirida stresses that maintaining the quality and competitiveness of products and services is crucial for exporters and tourism operators to mitigate impacts and generate revenue.

Nationwide crackdown launched on illegal nominee shareholders and land holdings

Today 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.