Rice prices likely to rise in world market, says MOC
Rice exports are expected to benefit in terms of prices
from the expected insufficient supply of the output in the world market next
year, according to Thailandís Ministry of Commerce.
Pasit Pumchusri, the ministryís deputy spokesman, said
the ASEAN Food Security Reserve Board met recently and concluded the rice
output was on the decline in the global market with stocks likely to drop by
20% late this year, the lowest since 1987. According to the boardís
estimate, the supply of the rice output would not meet the demand next year,
resulting in rice prices in the world market edging up.
Pasit said the situation would benefit Thailandís rice
exports as prices would rise in tandem with those in the global market,
although he conceded Vietnam was a remarkable rival in the global market
share of rice. (TNA)
Bank of Ayuthaya extends cheque clearing period
Bank of Ayudhya, a leading Thai commercial bank, has
initiated a move to further facilitate its clients by extending its cheque
clearing hours to 03:00 p.m. Chet Raktakanishta, First Executive Vice
President of the bank, said that the service would initially serve clients
at its five branches located in major business areas, including the Rama
III, Ploenchit, Sam Yaek, and Surawong branches, as well as its North
Sathorn Sub-Branch. ďFrom now on our clients can visit the five branches
for the extended cheque clearing serviceĒ, he said, adding that the
service would later be expanded to other branches.
Bank of Ayudhya is the first commercial bank here which
has moved first to extend the cheque clearing period. Normally, commercial
banks close their cheque clearing service at around 11:00 a.m.
Chet said that Bank of Ayudhya had also developed a new
service, called the Cheque Express Service, by which the bankís clients
could immediately withdraw cashes from cheques paid on their names at the
maximum of 200,000 baht per cheque in its clearing center in Bangkok, and at
the maximum of 100,000 baht at its clearing centers outside Bangkok. (TNA)
200 million baht budget pledged
for deep-sea fisheries projects
The government says it is preparing to pour 200 million
baht into the private fisheries sector to boost the nationís deep-sea
fishing industry, in a bid to search for new markets for Thailandís
fishing companies and avoid concession fees. The Department of Fisheries
will soon conduct feasibility studies regarding the proposal.
Songsaeng Pathawanich, president of an association
concerned with fisheries outside Thailandís waters, said that the prime
minister had called on Thai fishermen to band together to engage in deep-sea
fishery. Once the fishing industry had made its proposals to the government,
the government would respond with 200 million baht in aid, he said, but he
conceded that at present Thailand had few boats suitable for deep-sea
The industry is also calling on the government to open up
negotiations with Africa to allow Thai fishing boats to operate in African
waters. Songsaeng noted that already 10 Thai fishing boats operated in
Madagascar and a further four boats in Mozambique, adding that Mozambique
had also requested Thai investment in shrimp farming. (TNA)
Former BOT chief appointed
as SETís chairman
Former central bank governor Vijit Supinij has been
appointed as the new chairman of the Stock Exchange of Thailandís board in
place of Chavalit Thanachanan whose term had expired. Chavalit said Vijit
was highly qualified for the job since he had long work experience in the
countryís financial and economic system.
Vijit said, ďI am honored and glad all members of the
board entrust me to take the top post. As a former central bank governor, I
have had an opportunity to help develop SET from the outset and worked
closely together with its executives.Ē
Vijit said SET had played a crucial role in the economic
system. As the new chairman, he would work closely with the board and
management, and his full knowledge and capability to develop SET. (TNA)
BOT, Northern Region releases this yearís first-half figures
The Bank of Thailand (BOT), Northern Region released
figures outlining the northern economic and financial climate during the
first half of this year (January-June).
An analysis of the figures shows that the economy has
improved, but only slightly. Factors driving this recovery include rising
cash crop prices, increasing industrial production and a recovery in the
service sector after the SARS crisis ended.
The agricultural price index increased by 5 percent,
covering cash crops such as rice, garlic, red onion, and lychee - which
increased farmersí revenues by more than 4 percent.
Increased sugarcane production resulted in more sugar
being produced, and along with increased zinc mining for the automobile
industry were main factors for expansion in the industrial sector. Also, the
Northern Region Industrial Estate expanded by 7.7 percent and is now worth
582.6 million US dollars.
The service sector suffered setbacks in the beginning of
the year due to the SARS scare, terrorism and war in Iraq, but began
recovering by the end of the second quarter. The recovery was in part gained
through the hard public relations effort by the government, the special
tourism campaign and the national and international meetings, including the
Asian Cooperation Dialogue (ACD) conference.
In all, it appears that the climate is favorable for an
economic recovery in the northern region.