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Thank You Party 2009 at Amari Rincome Chiang Mai Hotel

TDRI: Weaker baht due to foreign capital outflow

Thank You Party 2009 at Amari Rincome Chiang Mai Hotel

To mark the rebranding of the Amari Rincome Chiang Mai Hotel with a new logo and growing services, Wim Fagel, outgoing General Manager, centre, cuts a cake. His successor, Nitwatcharee Wungsoonthorn, right, together with Kaiwala Luangpoomma, left, the hotel’s executive secretary, look on.

Supoj Thiamyoj
The Amari Rincome Chiang Mai Hotel hosted the “Thank You Party 2009” to bid farewell to the hotel’s former general manager Wim Fagel and to welcome the new general manager, Niwatcharee Wungsoonthorn on October 27. Mr Fagel moved to the Amari Residence Hotel in Bangkok on November 2 and Niwatcharee, the former general manager of the Amari Atrium Bangkok Hotel, started on November 1.

TDRI: Weaker baht due to foreign capital outflow

The current weakening of the baht stems from an outflow of foreign capital after investors dumped shares in the Stock Exchange of Thailand (SET), according to the Thailand Development Research Institute (TDRI).
Chalongphop Susangkarn, a distinguished academic at TDRI, said there is no definite formula to supervise the baht value.
What agencies concerned must do is to oversee the baht to ensure it is not too strong when compared with other currencies of rivals, he said, adding that capital should be allowed to flow in and out to reduce speculation.
He predicted that the US dollar will continue weakening because the US economy has not recovered clearly.
Many countries had attempted to reduce the role of the US dollar and replace it with other currencies, but it will take time because the Japanese yen and Chinese yuan are not in position to replace the US dollar.
Regarding the Central Administrative Court’s injunction against operations of many industrial projects in Maptaput Industrial Estate, Chalongphop said the government must continue to quicken the pace of transparency as foreign investors view investment rules as having importance and that the government’s policy must be clear and definite. (TNA)

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