webfact Posted September 25, 2023 Share Posted September 25, 2023 BANGKOK (NNT) - The prime minister has assured that the Bank of Thailand (BOT) is monitoring the weak baht, which he pointed out is not entirely bad for the economy and could help the key export and tourism sectors, as the currency hit multi-month lows. Prime Minister Srettha Thavisin, speaking during a visit to the United States, said the government was not interfering in the central bank’s duty. He told reporters that the Thai currency’s depreciation was driven by capital outflows due to interest rate differentials. The U.S. Federal Reserve held interest rates steady and its hawkish stance on monetary policy strengthened the dollar. The baht traded at 36.16 per dollar after hitting a more than 10-month low of 36.32 on Wednesday (20 Sep). The unit has weakened by 4.4% against the greenback so far this year. The new government, which took office last month, is planning higher spending to help finance fresh policies to stimulate the economy weighed down by soft demand for exports and low investor confidence. When asked whether a large public borrowing plan would affect fund-raising by the private sector, Prime Minister Srettha said market liquidity remained ample. by Paul Rujopakarn Source: NNT 2023-09-25 - Cigna offers a range of visa-compliant plans that meet the minimum requirement of medical treatment, including COVID-19, up to THB 3m. For more information on all expat health insurance plans click here. Get our Daily Newsletter - Click HERE to subscribe 1 Link to comment Share on other sites More sharing options...
hotchilli Posted September 25, 2023 Share Posted September 25, 2023 3 hours ago, webfact said: The prime minister has assured that the Bank of Thailand (BOT) is monitoring the weak baht, which he pointed out is not entirely bad for the economy and could help the key export and tourism sectors, as the currency hit multi-month lows. He's learning. 1 Link to comment Share on other sites More sharing options...
KhunBENQ Posted September 25, 2023 Share Posted September 25, 2023 (edited) deleted Edited September 25, 2023 by KhunBENQ Link to comment Share on other sites More sharing options...
PingRoundTheWorld Posted September 25, 2023 Share Posted September 25, 2023 Given the 50-100% increase of the P-index in Bangkok, I think we're overdue for further weakness in the baht. The pendulum swings both ways. 1 Link to comment Share on other sites More sharing options...
John Drake Posted September 25, 2023 Share Posted September 25, 2023 Yes, you need to export a lot more. Need much more weakness in the baht. 1 Link to comment Share on other sites More sharing options...
Srikcir Posted September 25, 2023 Share Posted September 25, 2023 5 hours ago, webfact said: The prime minister has assured that the Bank of Thailand (BOT) is monitoring the weak baht, which he pointed out is not entirely bad for the economy Reminds me what PM Prayut said in June 30, 2022: "Thailand's weak baht is good for exports while it's fiscal and financial position remains strong....Baht weakness, however, has a negative impact for some and the finance ministry and central bank are monitoring." www.thestar.com.my Previously in August 22, 2019, it was mentioned in The Diplomat that as a broader point in order to have a more balanced budget than based on costly investment increases from higher deficit spending, the sensible policy might have been to trim defense spending and "put that money toward new stimulus works, if the economy were truly the focus." In fact the government committed to a higher YOY military spending. Sound familiar? Link to comment Share on other sites More sharing options...
dinsdale Posted September 25, 2023 Share Posted September 25, 2023 The baht is not weak. Far from it. Link to comment Share on other sites More sharing options...
Baht Simpson Posted September 25, 2023 Share Posted September 25, 2023 It's actually strengthened against Sterling. Link to comment Share on other sites More sharing options...
747man Posted September 25, 2023 Share Posted September 25, 2023 1 hour ago, dinsdale said: The baht is not weak. Far from it. We KNOW That..... Link to comment Share on other sites More sharing options...
747man Posted September 25, 2023 Share Posted September 25, 2023 59 minutes ago, Baht Simpson said: It's actually strengthened against Sterling. I Know My Pension Day as it Usually Does.... Link to comment Share on other sites More sharing options...
dinsdale Posted September 26, 2023 Share Posted September 26, 2023 On 9/25/2023 at 7:08 PM, 747man said: We KNOW That..... No need to shout. Of course we KNOW that and of course we know any of these articles about the baht being weak is BS. Link to comment Share on other sites More sharing options...
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