Email

info@ls-invest.asia

TH: +66 (0) 91 821 5557

US: +1 (702) 512 - 8349

Compare Listings

Thailand’s Central Bank will act to restrain soaring baht

Thailand’s Central Bank will act to restrain soaring baht

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.

 

 

via@TheThaigerNews

img

Sivana Dee

Whether you are a first time buyer or looking to expand your investment portfolio, we are here to service your every need. Allow LS-Invest.ASIA to assist you in creating your new “LifeStyle”. The right time is now to look no further than LS-Invest.ASIA Based in Phuket, our mission is to introduce a fresh outlook on luxury property investment in Thailand with a uniquely international perspective

Related posts

It’s truly a buyer’s market, new study on Bangkok condos shows

Though Thailand’s property market showed some signs of recovery in the third quarter of 2020,...

Continue reading about It’s truly a buyer’s market, new study on Bangkok condos shows
Sivana Dee
by Sivana Dee

Take Phuket –EEC Is a sandbox Preparing to open the country

Resolution of the Economic Management Center on the COVID-19 Situation (FRB) on Friday I agree to...

Continue reading about Take Phuket –EEC Is a sandbox Preparing to open the country
Sivana Dee
by Sivana Dee

Phuket ‘to reopen by July’

The government is expected to give the green light today to allow tourists who have been vaccinated...

Continue reading about Phuket ‘to reopen by July’
Sivana Dee
by Sivana Dee

Join The Discussion

×

Hello,

thank you for visiting LS-Invest.ASIA! My name is Sanne, how may I help you today?

× How can I help you?