| Thai PM: Baht strengthening is short-term |
BANGKOK, July 14 (Xinhua) -- The strengthening of Thailand's currency, the baht, is expected to be short-term, Prime Minister Surayud Chulanont said in a television interview broadcast on Saturday.
The premier also expressed confidence that the sharp strengthening of the baht will not have severe repercussions on the economy and ultimately cause another economic crisis
Surayud said although it poses negative impact on textile sectors, the baht appreciation has some benefits. "It allows us to buy petrol at cheaper prices", he said.
Surayud also suggested investors to adopt sufficient economy principles and urged them not to buy the baht currency for speculation as that will put the economy in jeopardy.
The premier added that the government is trying its best to control political and economic problems so they will not cause problems to a new government.
Surayud has asked the Finance Ministry and Bank of Thailand to report baht activity every Friday, while Tuesday's Cabinet meeting will discuss ways to handle the possible closure of export firms as a result of the strong currency.
The baht continued to rise reaching a new 10-year high on Friday at between 33.30 and 33.35 to the U.S. dollar.
Finance Minister Chalongphob Sussangkarn said Friday that over the past two months 600 million U.S. dollars had been invested in the stock market, causing currency volatility.
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