Thai Baht
- Business News
Thai baht hits lowest level amid central bank independence fears
Thailand’s baht suffered a significant drop, marking the largest decline among Asian currencies amid growing concerns over the diminishing independence of the nation’s central bank. The baht depreciated by over 1% to 34.739 against the US dollar, reaching its weakest level since August 19. This decline followed reports that Kittiratt Na-Ranong, a former finance minister known for his critical stance…
- Business News
Baht appreciation leads to 4 to 5 billion baht revenue shortfall
Revenue collection for the 2024 fiscal year fell short of government expectations by 4 to 5 billion baht due to the appreciation of the baht. This shortfall occurred as the fiscal year concluded in September, impacting the value-added tax (VAT) revenue from imports, particularly affecting oil imports. Finance Permanent Secretary Lavaron Sangsnit explained that the rapid strengthening of the baht…
- Business News
Thai baht surge hits exporters and tourism revenues
Thailand’s exporters and tourism sector are feeling the squeeze as a rapid appreciation of the Thai baht continues to impact revenue. The central bank attributed this surge to a weak US dollar and stronger regional currencies, such as the Chinese Yuan and Japanese Yen. Yesterday, September 30, the baht reached a 31-month peak at 32.235 against the US dollar, marking…
- Thailand News
Baht to the future: Finance Ministry and BoT tackle currency surge
The Finance Ministry and the Bank of Thailand (BoT) are set to convene next week to address the strengthening baht and the nation’s inflation target amidst governmental pressure for interest rate reductions. Deputy Prime Minister and Finance Minister Pichai Chunhavajira announced plans to meet with BoT Governor Sethaput Suthiwartnarueput to discuss the baht’s appreciation and related economic concerns. Observers anticipate…
- Business News
Thai baht hits 19-month high as US dollar weakens
The Thai baht has soared to its highest level in 19 months against the US dollar, driven by a weaker American currency and profit-taking in gold markets. Opening at 32.92 per dollar today, the baht marked a significant rise from September 20’s closing rate of 33.60 baht. This appreciation follows the dollar’s depreciation, which was triggered by the US Federal…
- Business News
Mama noodles maker supports 400 baht minimum wage hike
Thai President Foods PLC, the producer of Mama instant noodles, expressed no opposition to the proposed minimum wage increase to 400 baht, according to Managing Director Phan Phaniangwet. He urged the Thai government to finalise the decision promptly, citing the recent volatility of the Thai baht. The baht’s rapid appreciation in recent weeks has had mixed effects on the company.…
- Economy News
Baht-boom: Thailand’s currency surge leaves tourism, exports short
Thailand’s baht is rocketing towards its biggest quarterly rise since the Asian financial crisis, a development that has key tourism and export industries clutching their pearls. Since the end of June, the baht has surged 10% against the dollar, its most significant gain since early 1998. This sudden leap has prompted frantic appeals from the tourism, hotel sectors, and business…
- Business News
Baht volatility surpasses regional currencies amid US rate cut speculation
The baht has shown notable volatility against the US dollar, surpassing its regional counterparts primarily due to market expectations of a US policy rate cut and Thailand’s substantial gold imports. Year-to-date, the baht’s volatility rate is 7.3%, just below the Korean won’s 7.4%. However, it exceeds other regional currencies, with the Malaysian ringgit and Indonesian rupiah at 5.5%, the Philippine…
- Business News
Baht hits 13-month peak as Bank of Thailand holds rates
The baht is poised to strengthen further, potentially reaching 34 per US dollar or even higher, following a 13-month peak attained yesterday. This surge occurred as the Bank of Thailand opted to keep the policy rate steady at 2.5%, encouraging potential inflows ahead of the US Federal Reserve’s upcoming September meeting. Closing at 34.21 on August 20, the Thai currency…
- Business News
Thai baht rally faces threats amid political drama and bank policy
Thailand’s recent baht rally faces a rocky road as the country dives into political chaos just before the central bank’s policy meeting this week. Since July, the baht has been a star performer, climbing up the ranks as tourism bounced back from a near two-year low against the US dollar in May. But this impressive upswing could be at risk…
- Business News
WHA Corporation invests 60 million baht in AI for green logistics
WHA Corporation, Thailand’s leading developer of built-to-suit logistics facilities, is intensifying its investment in artificial intelligence (AI) to enhance its green logistics operations and ultimately transition into a tech company. This year, WHA plans to allocate 60 million baht to AI technology, which is expected to significantly boost business efficiency, according to the Group Chief Executive and Chairman of the…
- Business News
Bank of Thailand increases outflow limit, eases forex
The Bank of Thailand (BoT) is set to ease foreign exchange regulations further to bolster business operations and enhance the country’s foreign exchange ecosystem. This strategic move aims to provide long-term benefits to Thailand’s economy. The central bank plans to introduce additional relaxations in the fourth quarter, marking the third phase of its foreign exchange ecosystem initiative. This phase will…
- Thailand News
Retired Thai officer covers car in cash to aid the needy
Retired police officer Sergeant Thin has become a local hero by covering his car with money to help those in need. TikTok user arm_yimyim25 shared a heartwarming video showing Sergeant Thin sticking banknotes of various denominations on his vehicle, inviting the less fortunate to take what they need. Sergeant Thin’s philosophy is simple, if the money is taken, he will…
- Business News
Baht to hit 37.25 per US dollar amid global currency slump
The Thai baht is expected to plummet to 37.25 against the US dollar in the near future, as Asian currencies have weakened to their lowest levels since 2022. This decline is driven by ongoing global volatility and outflows from Thai stock and bond markets amid uncertainty surrounding US interest rate cuts, according to economists. The Thai currency yesterday dropped to…
- Business News
Thai baht leads Asian currency declines amid holiday trade
Emerging Asian currencies experienced declines in holiday-thinned trade today, with the Thai baht leading the fall as the US dollar remained firm and Chinese economic data highlighted an uneven recovery trajectory. Markets were notably quiet across Asia due to closures in Singapore, Malaysia, Indonesia, the Philippines, and India. The Thai baht declined by up to 0.5%, influenced by weaker gold…
- Business News
Baht hits two-week high but faces long-term depreciation risks
The Thai baht surged to a two-week high yesterday, surpassing 36.5 to the dollar, marking a strong short-term gain. However, Kiatnakin Phatra Financial Group (KKP) has issued a cautionary note about the potential depreciation of the currency, attributing it to persistent structural issues in Thailand’s economy. Yesterday, the baht led gains among Asian currencies, appreciating by 0.3% to its highest…
- Business News
Thai baht expected to weaken against US dollar
The Thai baht is expected to weaken to an estimated 37.20 baht against the US dollar later this week, due to the continued Middle East tensions, says Kasikorn Research Centre (K-Research). The economic indicators from the US, due for release this week, are also predicted to bolster the dollar’s strength. Monday morning trading saw the Thai currency quoted at 36.97…
- Business News
Weakening Thai baht forecast due to economic cost factors
Analysts predict a decline in the value of the Thai baht, the nation’s currency, attributed to various factors such as sluggish economic growth, elevated freight expenses, and discord regarding reductions in interest rates. It is anticipated that the baht will fluctuate within the range of 36 to 36.50 against the US dollar throughout this month. On Wednesday, the baht recorded…
- Business News
Thai baht’s future forecast: Dollar domination looms on the horizon
Predictions by Kasikorn Research Center (K-Research) indicate a potential decline in the baht to 37 against the US dollar in the coming year. This anticipated depreciation is linked to a combination of a faltering Thai economy and a delay in American interest rate reductions, thereby placing the Thai currency under considerable strain. Kanjana Chockpisansin, K-Research’s head of banking and financial…
- Business News
Baht falls to three-month low as US inflation delays rate cut
The Thai currency hit a three-month low against the US dollar yesterday, February 14, slipping below 36 to the dollar. This was attributed to higher-than-anticipated US inflation, which led the market to predict a delay in the Federal Reserve’s first interest rate cut, initially expected in May. Quoting Kasikorn Research Centre, the baht was valued at a low of 36.13 against…
- Business News
Thai baht could depreciate further against US dollar, says K-Research
The Thai baht, already experiencing a downward trend, could further depreciate against the US dollar, potentially reaching 36 baht to a dollar, according to Kasikorn Research Centre (K-Research). This forecast is contingent upon robust US economic data, set to be released later this week, which could indicate a resilient US economy. Additionally, any delays in the Federal Reserve’s proposed trimming…
- Thailand News
Thai CEO donates 1 million baht at singer Kong Huai Rai’s concert
A donation of 1 million baht was bestowed upon the popular singer Kong Huai Rai by Ninew-Niphanrat Salika, the young, wealthy CEO of a world-renowned brand. The generous contribution, made during one of Kong’s concerts, has been deemed the largest garland he has ever received. Kong Huai Rai shared the news with his Facebook followers, posting a picture of the…
- Business News
Thailand’s chat commerce predicted to hit 1.14 trillion baht by 2028
Chat commerce in Thailand is expected to reach a staggering 1.14 trillion baht by 2028, according to predictions by Line Thailand. This substantial increase, up from 462 billion baht in 2023, represents a compound annual growth rate of 19.2%. Jirat Watanakarin, who heads e-commerce growth and strategy at Line Thailand, said Thailand is one of the world’s largest markets in…
- Business News
Thai baht predicted to appreciate amid expected US interest rate cuts
The Thai baht is predicted to appreciate to 33 against the US dollar in the near future, as the market anticipates an early start to US Federal Reserve interest rate cuts, possibly as soon as March. This expectation could trigger an inflow of funds into the Thai currency. The baht registered at 34.26 to 34.28 per US dollar yesterday, a…
- Economy News
Weakening baht boosts Thailand’s exports and tourism
Thailand Prime Minister Srettha Thavisin pointed out yesterday that the weakening baht, despite its potential negative impact on energy import costs, is actually proving to be a boon for the country’s exports and tourism. The baht had earlier plummeted to an 11-month low against the US dollar, trading at 37.095. According to the 61 year old prime minister, who also…
- Business News
Currency crunch: Thai SET under strain as rates rise and baht bites
A recent policy rate hike of 0.25% by the Bank of Thailand, coupled with the weakening baht, is placing pressure on the Stock Exchange of Thailand (SET). Analysts have suggested this after observing that the index slipped below the resistance level of 1,500 points. The Thai bourse experienced a downturn at the opening yesterday, following a 0.88% drop to conclude…
- Business News
US dollar surge hits Asian currencies: Thai baht suffers
Asian currencies experienced a dip today, with the Thai baht and Indonesian rupiah bearing the brunt of the losses. This was mainly due to the rising strength of the US dollar, bolstered by robust economic indicators and the threat of inflation from the Federal Reserve, which have pushed US bond yields to a 16-year peak. The baht saw a fall…
- Economy News
Baht depreciation: Experts foresee currency’s decline amid global market turbulence
Financial experts are predicting a further depreciation of the baht throughout this month and next, due to the increased volatility in the global money and capital markets. This follows the US Federal Reserve’s recent suggestion of a potential increase in its benchmark interest rate. Poon Panitchpibun, a strategist at Krungthai Global Market, a research centre of Krungthai Bank, noted that…
- Business News
Thailand’s baht leads Asian currency downturn amid China’s economic worry
Asian currencies experienced a downturn yesterday, led by Thailand‘s baht, as concerns heighten surrounding the recovery status of the global economy’s second-largest player, China. The baht plunged by a substantial 0.8%, marking it as the largest depreciation against the US dollar in half a dozen weeks. Across the waters of offshore markets yesterday afternoon, it was changing hands at approximately…
- Economy News
Business uncertainty fuels Thai Baht dip amid political unrest and Asian currency devaluation
Embroiled in political and business uncertainty, the Thai baht plummeted to a low unseen since last November, a seven-month dip, agitating investor confidence. This occurred alongside a universal lowering in the value of various emergent Asian currencies versus an emboldened dollar, fuelled by robust US data allaying recession fears. Stock markets in the region largely painted a bleak picture, with…
