Prayut 'optimistic' on economic recovery as forex reserves, revenue surge
Prime Minister Prayut Chan-o-cha is upbeat on Thailand’s economic recovery after the central bank reported a rise in foreign exchange reserves and the Finance Ministry's revenue collection exceeded its target, a senior government official said on Tuesday.
The Bank of Thailand (BOT) announced that gross international reserves stood at US$225.486 billion in January.
Foreign exchange reserves rose by 4% from $216.632 billion in December, government spokesman Anucha Burapachaisri said.
He added that the international reserves could be used immediately if necessary, such as to offset an unfavourable balance of payments position or as a tool to stabilise the exchange rate.
The spokesman said Prayut was also buoyed by the report of the Finance Ministry that its revenue during the first four months of fiscal 2023, from October to January, had surpassed the target.
On Tuesday, Fiscal Policy Office director-general Pornchai Thiraveja said revenue was 866.643 billion baht in the first four months, 12.3% higher than the target and also 10% higher than the same period last year.
Total revenue of the Revenue and Customs departments during the first four months of fiscal 2023 were 820.825 billion baht -- 45.646 million baht or 5.9% higher than the target -- the spokesman added.
“The prime minister gives priority to addressing the economic woes and to maintaining the country’s financial stability," Anucha said.
“The prime minister is confident that Thailand’s economy will revive with economic measures that have been jointly implemented by all concerned government agencies.”
Earlier, the Energy Ministry predicted that Thailand’s GDP would expand by 4% this year.
