The Bank of Thailand (BoT) has expressed confidence in the stability of the baht despite its recent depreciation against the US dollar amid heightened external uncertainties linked to the conflict in the Middle East. The central bank said there is no need for a special meeting of its Monetary Policy Committee (MPC), citing the currency’s orderly movement and Thailand’s strong external fundamentals.

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According to Chayawadee Chai-anant, assistant governor for corporate relations and spokesperson for the BoT, the baht has weakened by 5.4% against the US dollar since the onset of the Middle East conflict. However, foreign investors have recorded net sales of Thai assets totalling only US$1.3 billion. She noted that foreign funds have recently begun returning to Thailand’s long-term bond and equities markets, reflecting improved investor sentiment.

The ongoing conflict has raised concerns about energy security around the world, including in Southeast Asia. Governments across the region have introduced various measures to address the oil shock and support economic activity, although some of these actions have affected asset prices, foreign exchange markets and interest rates.

Indonesia has taken a different approach. On Tuesday, Bank Indonesia held a special meeting and raised its policy rate to ease pressure from the rapid depreciation of the rupiah against the dollar. Since the war against Iran began, the rupiah has weakened by more than 8%, one of its sharpest declines on record.

The Indonesian currency’s decline followed sustained foreign investor selling of equities and bonds amounting to roughly US$3.9 billion. Investors have expressed concerns about domestic stability, including fiscal policy direction and the possibility that Indonesia’s stock market could be downgraded from emerging market to frontier market status.

Ms Chayawadee said that while the baht has also depreciated against the dollar, its movement has remained orderly and stable. As a result, the BoT does not see a need to convene a special MPC meeting to consider changes to the policy rate.

Pipat Luengnaruemitchai, chief economist at Kiatnakin Phatra Financial Group, expects the MPC to maintain its policy rate at 1% throughout this year. He forecasts that rates could be raised around the middle of next year, depending on economic conditions and inflation.

Don Nakornthab, the BoT’s assistant governor for monetary policy, wrote on his personal Facebook page that Thailand and Indonesia face fundamentally different economic circumstances. He argued that despite Indonesia’s stronger fiscal indicators, the country remains vulnerable to concerns over state-owned enterprise debt, governance issues surrounding the Danantara sovereign wealth fund, a current account deficit and a smaller foreign reserve buffer than Thailand.

The Bangkokpost reported that Mr Don said the likelihood of Thailand facing a currency crisis in the near term remains relatively low. He added that Thailand’s primary challenge is not currency stability but the need for structural reforms to restore competitiveness and place the economy on a stronger growth path.

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Adapted by ASEAN Now Bangkokpost 13 June 2026

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Bit too stable for most of us !

THB is stable because it is manipulated all the time. Even all the negative news has no influence, which is strange.

Enjoy it.

Around november/december/january the THB will be surging again.

Thailand's current account is in deficit now? Gold is down 20 percent off its highs? Tourism has collapsed? All the things they told us made the baht stronger by 11 percent or more have strongly reversed? And the baht is still barely down?

On 6/13/2026 at 2:59 PM, John Drake said:

Thailand's current account is in deficit now? Gold is down 20 percent off its highs? Tourism has collapsed? All the things they told us made the baht stronger by 11 percent or more have strongly reversed? And the baht is still barely down?

The crackdown on the gold buying with imported money must have worked ?

41 minutes ago, FlorC said:

The crackdown on the gold buying with imported money must have worked ?

...that and massive foreign currency reserves keep investors et al happy.

What he should have said is " The Baht remains manipulated and over priced"... pfft.

The reason the Thai economy doesn't crash or the baht staying stable is the same reason that GDP looks good on paper, very few own all. That doesn't change the debt levels and real Thais being in a stagnated economy since a decade already.

This is also the issue as it not creates the natural urgency to change. It's also the only reason land prices and real estate prices stay where they are. It actually reveals it all in the wide open without most people realizing it.

On 6/13/2026 at 3:00 AM, ikke1959 said:

THB is stable because it is manipulated all the time. Even all the negative news has no influence, which is strange.

i think THB is more stable than pound, dollar and euro

1 minute ago, mordothailand said:

i think THB is more stable than pound, dollar and euro

It is because it is controlled by elite holdings. A already poor Thai that mostly keeps gold and cash to begin with, is not relevant in the baht strength. That is why they not cared to close many foreign accounts too. In 2026 you not look only at GDP but also at wealth distribution.

They not necessarily need to get richer too, as they always are far richer than the rest. Same reason they just sit on the stones, even it could be rented out etc etc. Same why they keep rent prices high, even it makes no sense in any calculation. It's generational wealth.

It's like if you would reset the monopoly game but a few players always start with 5-10M cash more. A reset not solve it.

2 hours ago, FlorC said:

The crackdown on the gold buying with imported money must have worked ?

At least we're still hovering around 3.90, even with the chance of a Iran-US peace agreement.

3 hours ago, John Drake said:

At least we're still hovering around 3.90, even with the chance of a Iran-US peace agreement.

3,90 ?

I'm not following .

6 hours ago, FlorC said:

The crackdown on the gold buying with imported money must have worked ?

I doubt Thailand will be able to influence the world markets in gold. The 20% decline is worldwide

In fact, the Thai authorities are manipulating market laws to maintain a strong baht. This is the direct embodiment of the bizarre twists in Thai logic that seem to us Westerners. According to their reasoning, a strong baht will generate more foreign revenue. Naturally, they fail to understand that by doing so, they weaken their competitive position and fuel inflation. By way of illustration, I refer briefly to the disastrous consequences of import taxes in America. The second reason is totally irrational and has everything to do with the "lose face" principle. With their excessive ego and inflated sense of honor, they regard a high baht as a sign of power and prestige.

Baht will go to 38, once again.....very soon.

I can feel it in my bones.

Wish I was as confident about the Bitish pound sterling.

13 hours ago, FlorC said:

3,90 ?

I'm not following .

The dollar was sticking around 3.90 baht until Trump surrendered on the peace "deal." Now at 3.56 and falling.

2 hours ago, John Drake said:

The dollar was sticking around 3.90 baht until Trump surrendered on the peace "deal." Now at 3.56 and falling.

You mean USD ?

1 usd = about 32 baht .

I don't get your 3.90.

Enlighten me.

40 minutes ago, FlorC said:

You mean USD ?

1 usd = about 32 baht .

I don't get your 3.90.

Enlighten me.

The "two" key on my desktop number pad doesn't register unless I pound it hard with my finger. Since I touch type, it gets omitted and I don't notice it. So, yes, the dollar was around 32.90 before falling to 32.56 this morning when I last looked.

3 hours ago, John Drake said:

The "two" key on my desktop number pad doesn't register unless I pound it hard with my finger. Since I touch type, it gets omitted and I don't notice it. So, yes, the dollar was around 32.90 before falling to 32.56 this morning when I last looked.

Time for a new keypad , John.

https://www.advice.co.th/product/keyboard-comboset

21 minutes ago, FlorC said:

Time for a new keypad , John.

https://www.advice.co.th/product/keyboard-comboset

It's 16 years old (just missed "a" in year, there, almost)