Economy
Deputy PM says rise of Thai baht is only temporary
Deputy PM Supattanapong Punmeechaow says that, while the Bank of Thailand is monitoring the current appreciation of the Thai baht, he believes the rise is only temporary. He says the appreciation is being driven by foreign investors turning to the markets as they seek to make a profit by the end of the year.
According to Supant Mongkolsutree from the Federation of Thai Industries, the currency has experienced an 8.2% rise since April and now sits at around 30.34 baht to the US dollar. He points out that the Thai currency has now appreciated more than the Vietnamese dong. This makes Thai exports more expensive than those of its neighbour and biggest competitor.
He adds that, if looking at data from March of this year, when the baht was 33 to the US dollar, the currency has risen by 10%. According to Supant, the baht should ideally be around 32 baht to the dollar.
SOURCE: Nation Thailand
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Ted
Wednesday, November 18, 2020 at 12:33 pm
“rise of Thai baht is only temporary”, got to be joking! well at least for me, since in my calendar 5 years is not a “temporary” period
Take a look at the chart, since 2015 H2 the THBUSD we see higher highs and higher lows.
Gosport
Wednesday, November 18, 2020 at 1:23 pm
It must be devalued. Thai economy can stand strong BAHT. just printing more money
Preesy Chepuce
Wednesday, November 18, 2020 at 10:07 pm
Urgently… this situation is toxic for economy recovery.
Toby Andrews
Friday, November 20, 2020 at 12:30 pm
The Thais are manipulating the baht price.
They want it high. They make more on the Thai exports, and what little tourism they have left.
Plus on any investment in Thailand, reducing now.
This is how they keep the baht high.
They corrupt the balance of trade, by charging a 39.5 percent tariffs on imports of agricultural products, while Thai exports od agricultural products abroad are often tariff free.
Thailand can export 24.883 tonnes of Thai rice to the EU tariff free in October 2020.
Imports into Thailand for processed food, are charged at 30 to 50 percent tariffs.
Rice is processed food.
This is just another Thai scam. However the USA are onto it, and stopping imports of certain products from Thailand. I hope other countries realise that tricky Thailand cannot be trusted to deal fairly, and shun Thai products.