Connect with us

Economy

Thailand’s Central Bank will act to restrain soaring baht

Maya Taylor

Published

 on 

PHOTO: Thailand Business News

The rapidly strengthening Thai baht is proving a worry for Thailand’s Central Bank, which has said it’s ready to act to limit its rise, given the already damaged economy. The baht’s climb, strengthening nearly 2% against the dollar in the past month alone, makes it one of the highest climbing currencies in Asia.

Its recent rise is being attributed to the country’s seemingly successful containment of the Covid-19 virus, with restrictions gradually lifting and life being breathed back into the battered economy. The Central Bank is concerned that any excessive strengthening of the baht may have an adverse effect on the country’s fragile economy, especially exports, saying it’s ready to act to prevent this.

Thailand’s economy has been badly bruised by the Covid-19 pandemic, given that the country relies so heavily on tourism and trade, two sectors that have been devastated worldwide. Financial experts predict the economy will contract by as much as 6% this year and are anxious not to have a strong currency impeding Thailand’s competitiveness on the global stage.

However, the baht’s gains are limited by its 100 day moving average, with the Australia and New Zealand Banking Group saying it’s likely to weaken to 33.50 against the US $ by the middle of this month.

SOURCE: Chiang Rai Times

Thailand's Central Bank will act to restrain soaring baht | News by Thaiger

xe.com (9am Tuesday, Thai Time)

 

Get more from The Thaiger

📱 Download our app on Android or iOS
👋 Have your say on our Thailand forums
🔔 Subscribe to our daily email newsletter
📺 Subscribe / Join YouTube for daily shows
👍 Like/Follow us on Facebook
🐦 FOLLOW us on Twitter
📷 FOLLOW us on Instagram

image

Join the conversation and have your say on Thailand news published on The Thaiger.

Thaiger Talk is our new Thaiger Community where you can join the discussion on everything happening in Thailand right now.

Please note that articles are not posted to the forum instantly and can take up to 20 min before being visible. Click for more information and the Thaiger Talk Guidelines.

1 Comment

1 Comment

  1. Avatar

    John

    Tuesday, June 2, 2020 at 12:56 pm

    Your making it uninteresting to invest in thailand with your enthusiastic glorifying of the many problems. All countries have similar problems buy the sarcasm is left behind.

Leave a Reply

Your email address will not be published. Required fields are marked *

A seasoned writer, with a degree in Creative Writing. Over ten years' experience in producing blog and magazine articles, news reports and website content.

Follow Thaiger by email:

News55 mins ago

USA tentatively plans to require all foreign visitors to be vaccinated

Thailand1 hour ago

Bangkok closure order extended until August 31

Best of1 hour ago

Ayutthaya’s 5 most amazing hotels

Sponsored1 day ago

Tour Phuket’s Islands with 5 Star Marine

Welcome back to Thailand!

Thaiger is getting behind local businesses for the restart of tourism in Thailand - up to 50% discounts across all advertising packages!

Coronavirus (Covid-19)2 hours ago

Nonthaburi field hospital adds an ICU

Coronavirus Vaccines2 hours ago

Older volunteers wanted for trials of Chulalongkorn University mRNA vaccine

Crime2 hours ago

Officers surprise drug suspect with birthday cake in Nakhon Si Thammarat

image
Join the conversation on the Thaiger Talk forums today!
Coronavirus Vaccines2 hours ago

WHO calls for booster shots to be suspended while poor countries face vaccine shortages

Myanmar3 hours ago

Rumours of meeting with Aung San Suu Kyi as Burmese military accept ASEAN envoy

Best of3 hours ago

Top 10 Hemp-Friendly Restaurants In Thailand

Coronavirus (Covid-19)3 hours ago

Waste disposal firm calls for rubbish collectors to be vaccinated

Coronavirus (Covid-19)3 hours ago

Thursday Covid Update: High of 20,920 new cases and 160 deaths

Coronavirus (Covid-19)4 hours ago

Rollout of Pfizer doses gets underway

Coronavirus (Covid-19)10 hours ago

20 year old arrested for online alternative vaccine scam

Coronavirus (Covid-19)15 hours ago

Delta variant now the predominant strain, 78% of Thai infections

Coronavirus (Covid-19)17 hours ago

Controversial food delivery only rule faces criticism

Thailand5 months ago

Thailand News Today | Thai Airways in rehab, All go for Songkran | March 4

Tourism5 months ago

Phuket’s nightlife. Yes, bars and clubs are still open | VIDEO

Phuket5 months ago

Thailand News Today | Covid passport talks, Thai Airways heads to court | March 2

Tourism5 months ago

Phuket Thai food treats you need to try | VIDEO

Thailand5 months ago

Thailand News Today | Bars, pubs and restaurants ‘sort of’ back to normal | Feb 23

Tourism5 months ago

In search of Cat & Dog Cafés in Phuket Town | VIDEO

Thailand7 months ago

Thailand News Today | Gambling crackdown, Seafood market to reopen, Vlogger challenge | Jan 21

Thailand7 months ago

Thailand News Today | Covid testing for visas, Business impact, Vaccine approval | January 19

Thailand7 months ago

Thailand News Today | Weekend Bangkok bombs, Thailand fires, Covid update | January 18

Thailand7 months ago

Thailand News Today | Stray car on runway, Indonesian quake, 300 baht tourist fee | January 15

Thailand7 months ago

Thailand News Today | Governor off respirator, sex-trafficking arrest, condo prices falling | January 14

Thailand7 months ago

Thailand News Today | Chinese vaccine, Thailand ‘drug hub’, Covid update | January 13

Thailand7 months ago

Thailand News Today | Bangkok may ease restrictions, Phuket bar curfew, Vaccine roll out | January 12

Thailand7 months ago

Thailand News Today | Covid latest, Cockfights closed down, Bryde’s Whale beached | January 11

Thailand7 months ago

Thailand News Today | Southern floods, Face mask fines, Thai Air Asia woes | January 8

Trending