Finance minister concerned with oil prices, interest hike and higher inflation
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[April 26, 2006]

Finance minister concerned with oil prices, interest hike and higher inflation

(FnWeb.com Via Thomson Dialog NewsEdge)fnWEB - Bangkok - April 26, 2006 - Caretaker Finance Minister Thanong Bidaya voiced confidence the political situation would improve following His Majesty the Kings address last night, but conceded the economy would be dampened by surging oil prices, interest hike and higher inflation.



He said he personally viewed the monarch had indicated in the address that the court is one of the cornerstones of the democracy and its authority should be exercised to solve problems when the executive power could not function.

He believed the situations, particularly the private investment, would improve when problems were cleared out.



However, he conceded as the finance minister he was still worried about the economic conditions.

Although the National Economic and Social Development Board was upbeat about the economic growth in the first quarter, he said, the stronger baht, higher interest rate, oil price fluctuation, and inflationary pressure needed to be closely monitored.

Should these factors continue to drag on, it would affect the economic growth in the following quarters.

Dr. Thanong said he would instruct the ministrys senior officials at the meeting on Wednesday afternoon to discuss the problems and find a solution to help build the fiscal and economic stability.

He said what he is worried most now is the surging oil prices because it could dampen the local consumption.

He did not worry much about the private investment because he believe it would improve when the political tension eased.

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