Political Uncertainty Continues, Parliament To Reopen Next Week

USDTHB rose 1.6% last week and is flat on Monday. It is now 3.6% higher since the May 14 election. Political uncertainty continues although parliament is due to open on July 3. The two main parties continue to argue over who will take the important speaker position but talks are due to continue on Wednesday.

• The House of Representatives and the Senate are due to sit on July 13 to elect a new PM, according to the Bangkok Post. The new house speaker and 2 deputies are expected to be chosen on July 6 with the cabinet on July 21. The caretaker government steps aside when the cabinet is sworn in. See timeline here. An 8-party coalition is expected to take over.
• With parliament due to resume next Monday, Move Forward and Pheu Thai need to resolve who will take the position of speaker and deputies. The parties are due to meet on Wednesday to resolve the controversial issue with Pheu Thai discussing it internally on Tuesday.
• There are concerns that the coalition won’t last if Move Forward doesn’t compromise on some of its more “extreme” policies including reform of the lese majeste law. Pheu Thai has said that it doesn’t want to commit yet on the issue.
• The Election Commission has requested more information to determine if Move Forward’s PM candidate Pita broke election laws through holding shares in a media company. The Senate is also investigating his assets and debts declaration “linked to his qualifications”.