Thailand: Baht intervention necessary, says central bank chief

  • The Bank of Thailand bank has intervened in a bid to stem a rise in the baht because the currency has appreciated too fast and impacted exporters, its governor said on 19 Nov 20.
  • The strength of the baht, driven by news about progress developing a coronavirus vaccine, had exacerbated the country’s fragile economic recovery, Bank of Thailand governor Sethaput Suthiwartnarueput told reporters.
  • The economy Southeast Asia’s second-largest economy, which is heavily reliant on tourism and exports, shrank 6.4% in 3Q20 after 2Q20’s 12.1% slump.
  • Optimism over a vaccine has raised expectations of a revival in tourism, which will boost Thailand’s current account surplus and lift its currency, he said.

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