Biz people: Minister stresses baht more stable

Thai Finance Minister Chalongphob Sussangkarn (above right) said the baht is more stable than before, when there were only one-way bets on the currency's rise.

"In the past, there were only one-way movements. And when there's only one-way movements, people who don't normally speculate will join them to protect themselves," Chalongphob told Reuters on the sidelines of the Asian Development Bank's annual meeting in Kyoto, western Japan.

"The situation is better now in a sense that people who normally would not speculate are not joining in speculation," he added.

The baht rose 14 percent against the US dollar last year, more than any other Asian currency.

Its strength prompted the Thai central bank to adopt unusual capital controls in December but the currency continued to rise until late March.

(China Daily 05/08/2007 page16)