Baht Surge Worries Thai Economic Managers<\/p>\n
Currency at five-year high threatens exports, tourism<\/p>\n
The finance chief said the baht\u2019s strength was due to a weaker dollar, Thailand\u2019s large current-account surplus and \u201cspeculative flows.\u201d He said officials are trying to ease the pressures by boosting foreign investment and curbing speculative activity linked to gold trading.<\/p>\n
Separately on Wednesday, Bank of Thailand Governor\u00a0Vitai Ratanakorn\u00a0told reporters in Bangkok that the central bank\u2019s intervention in foreign exchange market has had only minimal impact on the baht, citing the market\u2019s size and the limits of its influence beyond onshore activities.<\/p>\n
\u201cWe don\u2019t have enough power to set the baht level, to make baht weaken like others want,\u201d he said.<\/p>\n
The baht\u00a0retreated\u00a0from its highest level since 2021 after his comments.<\/p>\n
The Thai currency gained about 8% last year as broad dollar weakness and gold\u2019s roughly 65% surge to a series of records helped offset weak domestic economic fundamentals. Thai authorities have warned of a punitive tax and greater scrutiny of bullion trading as a stronger baht hurts the nation\u2019s exporters and tourism.<\/p>\n
Ekniti has\u00a0worked\u00a0with the Bank of Thailand to give the central bank clearer authority to oversee online gold trading in baht, a segment officials say has had an outsized impact on the local currency.<\/p>\n
The central bank is set to unveil a set of new rules for online trading of baht-denominated gold on Jan. 29 to help cool the currency\u2019s rally, Vitai said, adding that a daily trading limit of 50 million to 100 million baht for individuals was under consideration.<\/p>\n","protected":false},"excerpt":{"rendered":"Baht Surge Worries Thai Economic Managers Currency at five-year high threatens exports, tourism The finance chief said the…\n","protected":false},"author":2,"featured_media":260011,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[17516,2476,72,120986,31082,113,39926,61,60,108911],"class_list":["post-260010","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-bank-of-thailand","tag-breaking-news","tag-business","tag-davos","tag-economic-outlook","tag-economy","tag-ekniti-nitithanprapas","tag-ie","tag-ireland","tag-strong-baht"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/260010","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=260010"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/260010\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/260011"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=260010"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=260010"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=260010"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}