FILE photo courtesy: National News Bureau of Thailand
The Bank of Thailand has confirmed its active intervention to manage the value of the baht against the US dollar, aiming to ensure the currency's fluctuations are in sync with regional currencies.
On Monday, Chayawadee Chai-anant, the central bank's assistant governor for corporate relations, announced that the bank has recently taken measures to regulate the baht's exchange rate. "Our intervention intends to align with regional currency movements, ensuring stability," she stated.
The central bank's international reserves have benefitted from both these interventions and the depreciation of the dollar. Gross international reserves climbed to $235.6 billion in August, up from $230.6 billion in July and $224 billion in June. Similarly, net international reserves rose to $262 billion in August, compared to $258 billion in July and $252.6 billion in June.
Ms. Chayawadee pointed out that while the baht's appreciation against the dollar positions it as one of the leading regional currencies, it remains behind the Malaysian ringgit. She acknowledged the rapid strengthening of the baht and assured that the central bank is closely monitoring its movements to mitigate any negative impact on the economy.
The adjustment in the baht's value has mixed implications for local businesses. A stronger baht could reduce export revenues due to foreign exchange conversions, particularly for those lacking effective hedging strategies.
However, Ms. Chayawadee emphasized that the stronger baht is unlikely to impact the tourism sector adversely in the final quarter of this year. "International tourists generally welcome a firmer baht against the dollar, which helps them better manage their spending in Thailand," she said. Key visitor markets, including China, Malaysia, and Japan, have also seen their currencies appreciate relative to the dollar, supporting this optimistic outlook.
The central bank reported that foreign tourist numbers in August reached 3 million, after seasonal adjustments, marking a slight decline of 0.1% from the previous month. Despite this, tourist spending has remained steady. The bank anticipates an improvement in foreign traveler numbers in September compared to August, reported Bangkok Post.
Economic data shows a mixed picture: while visitors from China and Malaysia decreased in August, there was an uptick in tourists from countries like Japan and India. As per the central bank, tourism revenue remained stable, primarily due to higher spending per trip.
Adding to this, the Kasikorn Research Center noted that the baht strengthened to 32.17 baht per dollar during Monday's trading, hitting its highest level in 31 months. The central bank continues to monitor these trends closely to maintain economic stability.
-- 2024-10-02
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