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The central bank is also poised to change its outdated foreign reserve management, as asset allocation is restricted to traditional asset classes. This fits well with the modern world because there is a high degree of flexibility, Mr Veerathai said. The existing paradigm of global financial developments should register negative risks, since investors can freely invest in overseas assets as long as they are not involved in prohibited activities such as speculation. The act, which has been in place for more than 70 years, was drafted based on a perspective of positive risk, referring to how local investors, who are eligible to invest abroad, must meet the stipulated criteria. Given that capital inflows should be balanced against outflows to ease pressure on the baht, the central bank aims to radically overhaul the Exchange Control Act. Tourists queue up at Siam Commercial Bank's currency exchange booth at Suvarnabhumi airport. THANARAK KHUNTONīank of Thailand governor Veerathai Santiprabhob said recently that the baht was surging beyond the economy's fundamentals and the central bank was concerned about its strength. The baht is the top-performing currency in Asia, gaining nearly 8% against the greenback year-to-date, even as Thailand bears the brunt of subdued growth yet again.ĭomestic economic growth was 2.4% year-on-year in the July-to-September period, up slightly from the second's quarter 2.3% reading but down from the first quarter's 2.8%. The surplus, worth US$26.4 billion (797 billion baht) on a year-to-date basis as of September, stems from lower import value compared with export value, inflows of tourism revenue and near-record foreign reserves of about $222 billion.Īmple foreign reserves have made Thailand stand out as a safe haven to park capital, either for actual investment or speculation, amid the US dollar's significant retreat, rattled by the shaky future of the global economy, the Federal Reserve's monetary easing and a tit-for-tat trade dispute between the world's two biggest economies.
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The strong baht in 2019 is a result of Thailand's massive current account surplus. The currency appreciation irked many businesses and policymakers to the point that there was a public rift between Finance Minister Kittiratt Na-Ranong and former central bank governor Prasarn Trairatvorakul, as the latter did not acquiesce to the former's demand to cut the policy interest rate to curb the appreciation. The last time the baht's value against the greenback touched 29 was in 2013. This time the local currency's strength is the issue, as opposed to drastic depreciation during the 1997 financial crisis. More than two decades ago, the baht suffered heavy devaluation as a result of speculation, forcing Thailand's central bank to de-link the local currency from the US dollar and adopt a managed floating exchange rate.įast-forward to the present and the baht's value has become a challenge for the trade-reliant economy. The baht is the top-performing currency in Asia, gaining almost 8% year-to-date against the US dollar. Apichit Jinakul