No need for special measure over Dubai crisis and Dong Depreciation

The decoration of Dubai airport is dazzling

The decoration of Dubai airport is dazzling: Flickr.com

The Bank of Thailand (BOT) asked Thai citizens not to panic with Dong depreciation and the Dubai Crisis.

Deputy Governor of BOT Achana Waikuamdee stated that the Dubai World’s debt repayment adjournment would slightly affect the Thai economy as the number of Thai investments in Dubai were rather low. While the weakening of the Vietnam Dong would not cause a great impact on the Thai economy as Thailand used US dollars in the global trade and investment.

However, Ms Achana admitted that the depreciation of the Dong would benefit Vietnamese exports as well as other industries with mass employments. These industries will get to pay their workers less which leads to cost reduction.

Mrs Achana also elaborated that Thailand should not be overly concerned on the Dong depreciation issue, yet there was no need for special economic measure as the two countries were not direct competitors in general industries. (NNT)

Advertisements