Strong Thai Baht Impacts Exporters and Tourism
The appreciation of the Thai Baht is affecting exporters and tourism spending, as reported by the Bank of Thailand. The Baht reached a 31-month high at 32.235 against the dollar, driven by a weak dollar and stronger regional currencies. Despite pressure, the central bank has kept interest rates unchanged at 2.50%. The strong currency impacts exporters' profits and tourism spending.
A rapid appreciation of the Thai Baht is affecting exporters and tourism spending, according to the Bank of Thailand.
The Baht hit a 31-month high at 32.235 against the dollar, driven by a weak dollar and stronger regional currencies like the Yuan and Yen.
The currency has risen by 5.8% year-to-date.
The central bank and Finance Ministry are set to discuss the currency's performance and inflation targets this week.
The central bank, despite pressure to cut interest rates, has kept them unchanged at 2.50%.
The strong Baht impacts exporters' profits and tourism spending.
In August, exports rose by 11.4%, resulting in a $1.4 billion current account surplus.
The economy grew by 2.3% in the second quarter of 2024, with expected growth of 2.6% for the year.
The Baht hit a 31-month high at 32.235 against the dollar, driven by a weak dollar and stronger regional currencies like the Yuan and Yen.
The currency has risen by 5.8% year-to-date.
The central bank and Finance Ministry are set to discuss the currency's performance and inflation targets this week.
The central bank, despite pressure to cut interest rates, has kept them unchanged at 2.50%.
The strong Baht impacts exporters' profits and tourism spending.
In August, exports rose by 11.4%, resulting in a $1.4 billion current account surplus.
The economy grew by 2.3% in the second quarter of 2024, with expected growth of 2.6% for the year.
