Exporters urged to hedge against currency exchange risks
Exporters should hedge against currency exchange risks
since the US dollar has currently fluctuated, according to Kasikorn Research
Center (KRC). The leading think tank projected the greenback would continue
to weaken next year because the deficit in the United States’ current
account and budget balance were likely to increase.
However, the greenback will likely to gradually
depreciate since the US and its key trading partners did not want the see
the global monetary market fluctuate. KRC said local regulators should keep
a close watch on the dollar movement to ensure the baht would not fluctuate.
At the same time, exporters should turn to count more on
other currencies such as the euro and Japanese yen to ease possible risks
from the slump in the dollar value. The export sector should be more
assertive in marketing and improving product quality and production
efficiency to boost competitiveness in the world market.
KRC projected the greenback would not weaken considerably
next year. However, countries must cooperate in solving economic woes for
the sake of the global economic expansion in the long run. Exporters should
not be reckless about the volatility of the US dollar. The report urged they
must hedge against currency exchange risks to protect themselves from the
fluctuation of the greenback. (TNA)
BOT’s decision on repo
hike depends on internal factors
Bank of Thailand (BOT) Governor M.R. Pridiyathorn
Devakula recently disclosed the Monetary Policy Committee’s decision on
the repurchase rate adjustment depends on internal factors rather than
external ones. He said MPC would decide to adjust the 14-day repo rate based
more on local economic development than external pressure.
Main factors that would have an influence on the
committee’s decision include economic growth, stability of the economy,
inflation rate, and foreign capital inflow and outflow. The BOT chief said
the US Federal Reserve’s move to adjust key interest rates would be
another key factor to MPC’s decision because it could have an effect on
the Thai economy and the foreign capital outflow.
On the baht movement, he said, the local currency has
become more stable than earlier. It slightly weakened, then stabilized in
the same direction with other main currencies of the globe. (TNA)
Australian Visa Application Center makes application lodgment easier
The Australian Ambassador to Thailand, HE Miles Kupa,
officiated at the signing of the agreement to open a new Australian Visa
Application Center in Bangkok.
Ambassador Kupa said, “The significant growth in the
numbers of Thais traveling to Australia reflects the strong bilateral
relations between our two countries. There is evidently a lot of interest in
Australia – interest which will further bring our communities and people
closer together, to the benefit of both countries.
“I am confident that all visa applicants to Australia
will welcome these new arrangements, which will start on Australia Day, 26
January 2005. The new Australian Visa Application Center will be
conveniently located in the Thai CC Tower Building on South Sathorn Road,
opposite Surasak BTS Station,” he said.
Commenting on the new center, the regional director for
immigration, Christine McPaul, said the applicants for visas to Australia
would have increased flexibility as people no longer needed to visit the
embassy to lodge their applications.
As part of the new arrangements, visa applicants from
major regional centers including Chiang Mai and Phuket will be able to lodge
their applications without coming to Bangkok as they can be delivered to
Bangkok by courier service.
Chiang Mai company
wins national award
Each year, the Thai government’s Bureau of Employment
for Persons with Disabilities recognizes individuals, government agencies
and companies that have made an outstanding effort to train and employ
handicapped workers. This year, Mother of Pearl Industry (MOPI) in Hang Dong
was one of five recipients of the prestigious ‘Best Factory for Disabled
Persons 2004’ national award.
Based on their high ratio of handicapped workers, and the
fact that these workers receive the same salaries, job training and
opportunities for advancement, MOPI won the award over much larger
companies. Other criteria included assessment of working conditions, safety
procedures, and training programs.
Tephsing Ruangyuttikarn, production manager and
shareholder in MOPI, said that their handicapped employees are dedicated and
produce excellent results for the company. “This is a two way street,”
said Tephsing. “Our handicapped employees’ attitude and performance do a
great deal to help us in terms of our quality and production. MOPI benefits
from hiring and training its handicapped workers and I would encourage any
company to consider this option.”
Thailand has an estimated six million handicapped people
of which five million are unemployed. The message that the Thai government
and companies such as MOPI want to emphasize is to take advantage of this
Hats off to MOPI, a local industry. Congratulations for a
job well done. Inquiries regarding hiring handicapped individuals may be
made to (053) 357-088.