(Illustrative photo: Trek with Tech) Bangkok (VNA) – Thailand’s currency has surged invalue to a 6-year high of 30.33 baht per US dollar at the end of October 9.
Since early this year, the baht’s value has picked up 7.3percent, more than any other Asian currency.
Roong Sanuangruang, an analyst at Krungsri Bank, said thebaht’s strengthening has gone against the trend of other currencies in theregion.
The reason behind this is the fact that Thailand has a highcurrent-account surplus at 7 to 8 percent of the GDP and that it has highinternational reserves worth 220 billion USD in line with the central bank’slong position of 33.1 billion USD, or total international reserves of 253billion USD as of September 27.
Roong said foreign investors see the baht as a safe haveneven though Thailand’s economic growth is not high, and the baht may even moveup to 30 THB per dollar in the short term.
Meanwhile, Thailand’s Finance Minister Uttama Savanayana saidthis is the best time for manufacturers to import machinery and invest incapital goods as prices are low.
Exporters may be adversely affected by the strengthening ofthe baht, but importers will gain from it.
The Bankof Thailand (BOT) will roll out additional measures to curb the riseof the baht, which will be ready in one or two months," said the bank’s Governor Veerathai Santiprabhob./.
Since early this year, the baht’s value has picked up 7.3percent, more than any other Asian currency.
Roong Sanuangruang, an analyst at Krungsri Bank, said thebaht’s strengthening has gone against the trend of other currencies in theregion.
The reason behind this is the fact that Thailand has a highcurrent-account surplus at 7 to 8 percent of the GDP and that it has highinternational reserves worth 220 billion USD in line with the central bank’slong position of 33.1 billion USD, or total international reserves of 253billion USD as of September 27.
Roong said foreign investors see the baht as a safe haveneven though Thailand’s economic growth is not high, and the baht may even moveup to 30 THB per dollar in the short term.
Meanwhile, Thailand’s Finance Minister Uttama Savanayana saidthis is the best time for manufacturers to import machinery and invest incapital goods as prices are low.
Exporters may be adversely affected by the strengthening ofthe baht, but importers will gain from it.
The Bankof Thailand (BOT) will roll out additional measures to curb the riseof the baht, which will be ready in one or two months," said the bank’s Governor Veerathai Santiprabhob./.
VNA
