Uttama shoots down sovereign wealth fund

14-Jan-2020 Intellasia | BangkokPost | 12:46 AM Print This Post

Finance minister Uttama Savanayana on Monday ruled out the private sector’s request that policymakers set up a sovereign wealth fund as a means to curb the baht’s strength.

The government has no plans to establish a sovereign wealth fund because that would would require the consideration of multiple issues, including the laws and scope of investment, he said.

Many countries, including Singapore, have set up sovereign wealth funds as their laws allow them to do so, said Uttama.

The baht was the top performing currency in Asia with almost a 9 percent gain against the US dollar in 2019. The local currency fell below 30 to the greenback shortly before the year’s end. The baht has since weakened almost 1 percent to date this year.




Category: Thailand

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