BANGKOK, Dec 28 – The move by the People’s Bank of China to raise interest rates frequently will have little impact on capital movements affecting Thailand and the value of the baht, according to the Bank of Thailand (BoT).
BoT Assistant Governor Pongpen Ruengvirayudh said the Chinese central bank’s announcement of interest rate hikes on both lending and deposit by 25 basis points, which is the second time in two months, was aimed to rein in rising inflation.
“Now, Beijing is trying by all means to slow the inflation rate. It raised the interest rate once two months ago and issued a measure to maintain the liquid assets of commercial banks fortnightly before announcing the latest interest hike. It is expected the Chinese government will raise the interest rate further,” she said.
However, she believed that the interest hike by the Chinese central bank would not adversely affect the capital movement and currencies in Asia, including the Thai baht, because many countries, like China, looked to raise interest rates to contain rising inflation.
Thailand is considering the policy interest rate increase as part of its effort to control inflation, which is expected to rise at an accelerating rate next year.
At present, it is widely expected in the market that the BoT’s Monetary Policy Committee would further raise the policy interest rate next year.
The assistant governor said she believed all countries had already prepared measures to cope with capital inflows in a higher-than-usual amount. The measures are different, depending on the situation in each country.
Still, the BoT would closely supervise capital movements and the baht value and prepare tools to deal properly with the situation.
She emphasised that the interest rate is just one of the magnets attracting foreign capital. The major attraction for the capital influx is the economic growth potential of the country. (MCOT online news)
Tuesday, 28 December 2010
Interest hike by Chinese central bank has little impact on baht: BoT
Criminal Court to decide on key Red Shirt leader's bail Tuesday
BANGKOK, Dec 28 -- The Criminal Court would decide today whether to revoke bail for United Front for Democracy against Dictatorship (UDD) co-leader Jatuporn Prompan as requested by the Department of Special Investigation (DSI).
DSI director-general Tharit Pengdit Monday submitted the petition to the court to revoke the bail for the Red Shirt leader, an opposition Puea Thai party list MP charged with terrorism.
The petition stated that Mr Jatuporn had broken the bail conditions set by the court. The Red Shirt leader also posed a threat to the safety of witnesses and tampered with evidence and witnesses. In addition, the Red Shirt leader also allegedly threatened state investigators and obstructed their work, said the DSI chief.
The court started considering the DSI request at 2pm Monday. During the session, Mr Tharit presented testimony to justify the request.
The court later said it would rule on the DSI request Tuesday at 11am.
According to the DSI chief, Mr Jatuporn had confused the public by wrongly claiming its investigators of preparing an investigation report of the killing of six people sheltering at Wat Pathumwanaram near Ratchaprasong on May 19 and the death of Reuters news agency cameraman Hiroyuki Muramoto on April 10, the petition said. The Japanese embassy has shown much concern regarding the slain journalist, who was Japanese.
Mr Tharit said whether the document leaked by Mr Jatuporn was genuine or not, the DSI viewed his move as violating the law. He said the DSI has not concluded the cases that soldiers were responsible for the deaths.
The DSI chief said he filed the bail revocation request in his capacity of head of the investigation team without any political interference.
Mr Tharit earlier this month submitted a petition to revoke bail for Mr Jatuporn but the court rejected the request, saying there were insufficient grounds to revoke the bail. (MCOT online news)
NSC: Situation in troubled South can improve if emergency decree lifted
BANGKOK, Dec 28 – The overall situation in Thailand's violence-plagued southern border provinces will improve if the currently imposed emergency decree is revoked in the areas, National Security Council (NSC) secretary-general Tawin Pleansri said.
If the emergency decree is to be first lifted in Pattani’s Mae Lan district before Jan 1 as demanded by Prime Minister Abhisit Vejjajiva, the issue should be raised in today's Cabinet meeting, Mr Tawin said.
Martial law and the emergency decree have been in force in 33 districts in Pattani, Yala and Narathiwat. If evoked, martial law must be lifted first, followed by the lifting of the emergency decree and then the Internal Security Law then will be enforced to replace them, he added.
If the Cabinet approves, the prime minister will announce it, Mr Tawin said.
He said the emergency decree had been enforced in the southernmost provinces for more than five years and it was inevitable to have an impact on the rights of the people in the affected areas.
The premier believed that the situation at Mae Lan has improved and the emergency decree should be revoked, he said, adding that the early next year two more districts -- Yala's Kabang and Narathiwat's Sukhirin would be evaluate to lift the emergency decree.
Meanwhile, Deputy Prime Minister Suthep Thaugsuban said that the during his visit to Pattani and Songkhla on Monday, he travelled to boost the morale of officials in remote areas and discuss operations of local officials if a new law is to be applied to the southern border provinces in January.
He also followed up government projects to assist flood victims and suppress illegal drugs. (MCOT online news)
Poll: Thai public sees government's performance ratings as rising
BANGKOK, Dec 28 - A new countrywide opinion survey indicates that the Thai public are more satisfied with the government's performance following the Abhisit administration's two years in office.
The Suan Dusit Poll was conducted Dec 10 through 27 by Suan Dusit Rajabhat University's Suan Dusit Poll by interviewing 6,546 Thai residents nationwide about the government's performance this year.
Out of a possible rating of ten, on a scale of 1 to 10, the overall score was at 6.36 for this administration, a rise of 0.35 points compared to its performance on the same period last year.
Prime Minister Abhisit Vejjajiva registered 7.43 points, a 0.24 point increase from last year. His personal performance also scored an extra 0.47 points to rise to 6.80.
The Cabinet's assessment rose to 6.38, gaining 0.23 points over that of last year, for its determination of its work.
Meanwhile, the five ministries achieving the highest scores were Education receiving 7.33, a rise of 0.59 points, Social Development and Human Security 7.14, earning 0.63 more, while Public Health received 7.02, up 0.64 points, Tourism and Sports 6.57, or an extra 0.15 points, and Agriculture and Cooperatives 6.54, or 0.29 more points.
The government's best five projects in the past two years respectively were a 15-year free education programme, state welfare for the elderly, underprivileged people and the handicapped, economic stimulation measures and the solution to informal debts (debts obtained outside the financial system), including crop price guarantee and agriculture promotion, as well as health services.
Vice versa, the respondents were dissatisfied with the government's performance in tackling corruption, solving economic problems such as the rising cost of consumer products and high cost of living. In addition, other issues fared worst among government performance in 2010 are the meddling in judicial system, handling foreign policy with Cambodia in particular over the Preah Vihear border dispute, and pay rise for senators, Members of Parliament, and Sub-District Administration Organisation officials. (MCOT online news)
Egypt sets presidential vote for September 2011
Egypt will hold its presidential election in September next year and the ruling party will meet by July to choose its candidate, the party’s policy chief, Gamal Mubarak, said Monday, but refused to say if he himself will run.
The approach of the election has prompted speculation over whether President Hosni Mubarak, who has led the Arab World’s most populous country since 1981, will run for a sixth term.
NDP officials have indicated Mubarak, 82, is likely to run next year if he is able to. If not, many believe Gamal or a candidate with a military background could run in his place.
“Presidential elections are in September next year,” Gamal Mubarak, 47, told reporters. “You’ll find out who the eventual candidate is when the party convenes some time before the process starts next July and makes its final official decision.”
Asked whether he would run for the presidency, Gamal Mubarak said: “I gave an answer to this question not only five years ago but have been giving an answer possibly three or four times a year in the five years since. My response has not changed.”
“The only time you will find out who is going to be the eventual candidate is when the party convenes, sometimes obviously before the process starts next July, and makes it’s final official decision,” he said.
“It’s a constitutional issue, everybody knows when the presidential elections are, in September of next year. The process starts 60 days before,” he said.
Analysts say the rules for the election guarantee that the ruling National Democratic Party’s nominee will win. In the 2005 vote, Egypt’s first multi-candidate race, Mubarak won easily.
A leaked diplomatic cable released by WikiLeaks quoted the US ambassador to Cairo, Margaret Scobey, saying Mubarak will “inevitably” run in 2011 and stay in office until he dies.
Both Mubaraks have denied any plan for a family succession.
Egypt to export gas to Turkey via Syria
Egypt will export gas to Turkey via Syria through the Arab Gas Pipeline, Syrian oil minister Sufian al-Allawi said on Monday.
Operations are currently underway to link the pipeline to the Turkish gas network, which is the conduit of Arab natural gas to Europe.
The Arab pipeline originates at the Egyptian Mediterranean coastal city of Arish, and then continues on to Aqaba, Jordan, Syria, and Lebanon, with a total length of 1200km, said al-Allawi.
Turkish officials and the Egyptian oil ministry agreed on the transfer, the minister added.
Egypt announced this June it intends to broker a deal with Syria to increase the quantity of gas supplied through the pipeline.
Both countries signed an accord in 2009 to also supply Lebanon with gas.
Authorities beef up security ahead of Ahly-Zamalek match
Security authorities in Cairo will tighten security measures ahead of a Thursday match between Egypt's most popular football clubs, Zamalek and Ahly, security sources said.
Major General Ismail al-Shaer, Cairo's security chief, reportedly held recent meetings with security officials to hash out plans to ensure a violence-free match.
Head of the police investigations department in Cairo, Farouq Lashin, has established a security team to prevent the entry of banned objects into the stadium.
Meanwhile, Cairo's Security Directorate warned fans to avoid rioting during the game. Surveillance cameras will be installed in hidden spots in the grandstands and at entry points, the directorate said.
The directorate publicized a list of banned items, including fireworks, pyrosol buffers, lighters, and lasers. Flags and drums will be permitted.
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