By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
CTN News-Chiang Rai TimesCTN News-Chiang Rai TimesCTN News-Chiang Rai Times
  • Home
  • Chiang Rai News
  • News
    • Crime
    • Northern Thailand
    • Southern Thailand
    • News Asia
    • India
    • China
    • World News
  • Business
    • Sponsored
    • PR News
  • Entertainment
    • Lifestyles
  • Health
  • Politics
  • Social Media
  • Sports
  • Tech
  • Weather
Reading: Rapid Appreciation of Baht Concerns Central Bank
Share
Notification Show More
Font ResizerAa
CTN News-Chiang Rai TimesCTN News-Chiang Rai Times
Font ResizerAa
  • Chiang Rai News
  • Regonal News
  • Politics
  • Northern Thailand
  • Crime
  • Business
  • Sports
  • Weather
  • Home
  • Chiang Rai News
  • News
    • Crime
    • Northern Thailand
    • Southern Thailand
    • News Asia
    • India
    • China
    • World News
  • Business
    • Sponsored
    • PR News
  • Entertainment
    • Lifestyles
  • Health
  • Politics
  • Social Media
  • Sports
  • Tech
  • Weather
Follow US
  • Advertise
  • Advertise
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
CTN News-Chiang Rai Times > Business > Rapid Appreciation of Baht Concerns Central Bank
Business

Rapid Appreciation of Baht Concerns Central Bank

Salman Ahmad
Last updated: October 25, 2024 7:21 am
Salman Ahmad - Freelance Journalist
8 months ago
Share
Bank of Thailand associate governor Ms. Chayawadee Chai-anant, Thai Baht
Bank of Thailand associate governor Ms. Chayawadee Chai-anant - BOT Image
SHARE

The central bank announced that the Thai baht is experiencing a rapid appreciation, impacting tourism spending and exports. The bank also noted that the feeble dollar contributes to the currency’s growth.

Yesterday, the Thai baht reached its greatest level in 31 months, trading at 32.235 against the US dollar. It is the second-best performer in the region, following Malaysia’s Ringgit, with a 5.8% year-to-date increase.

The Thai baht’s recent surge is due to a meeting between the Finance Ministry and the Bank of Thailand this week. During this meeting, the currency’s performance and the country’s inflation target are anticipated to be discussed.

The meeting comes after the Finance Ministry has pressured the Central Bank for months to lower interest rates and align with its budgetary strategy to boost the economy.

The central bank has rejected calls for a rate reduction, saying a drop was not required and maintaining rates at 2.50% for a fifth consecutive meeting last month. The next review of rates is on October 16.

According to associate governor Ms. Chayawadee Chai-anant, the central bank had controlled the volatility of the Thai baht; he told reporters this morning. She said that when exporters converted their profits back to baht, the higher baht hurt them, adding that the higher Thai baht would also affect tourism expenditures.

According to the Bank of Thailand, there was a $2.4 billion trade account surplus in August due to exports rising 11.4% and imports rising 8.5% from the previous year. Due to increased exports of agricultural items to trading partners experiencing shortages, the current account surplus increased to $1.4 billion in August from a revised $0.1 billion surplus in July.

The economy expanded by 2.3% in the April–June quarter compared to the previous year, but economists expressed concern about the forecast due to the uncertainties surrounding fiscal policy. After a weak 1.9% increase the previous year, the Bank of Thailand has projected 2.6% economic growth for 2024, below its regional counterparts.

Related News:

Thai Baht Hits a 19-Month High Against the US Dollar.

Thai Baht Hits a 19 Month High Against the US Dollar

 

Salman Ahmad

Salman Ahmad is known for his significant contributions to esteemed publications like the Times of India and the Express Tribune. Salman has carved a niche as a freelance journalist, combining thorough research with engaging reporting.

TAGGED:Bank of ThailandThai BahtTourism
Share This Article
Facebook Email Print
BySalman Ahmad
Freelance Journalist
Follow:
Salman Ahmad is known for his significant contributions to esteemed publications like the Times of India and the Express Tribune. Salman has carved a niche as a freelance journalist, combining thorough research with engaging reporting.
Previous Article Google Thailand Google to Invest US$1 Billion in Thailand
Next Article Bus Fire Claims the Lives of 22 Children and 3 Teachers Bus Fire Claims the Lives of 22 Children, and 3 Teachers

Soi Dog

Trending News

Chiang Rai Residents Fear Repeat Floods
Chiang Rai Residents Fear Repeat Floods as Rain Season Begins
Chiang Rai News
Economy
The UK is the Fastest-Growing G7 Economy After a Strong First Quarter.
World News
Proofpoint
Proofpoint Will Buy Its European Rival For Over $1 Billion As It Prepares For An IPO
Business
Supreme Court
US Supreme Court Hears Arguments About Trump’s Birthright Citizenship Proposal.
News

Make Optimized Content in Minutes

rightblogger

Download Our App

ctn dark

The Chiang Rai Times was launched in 2007 as Communi Thai a print magazine that was published monthly on stories and events in Chiang Rai City.

Policy

  • Cookie Policy
  • CTN Privacy Policy
  • Our Advertising Policy
  • Advertising Disclaimer

About Us

  • CTN News Journalist
  • Contact US
  • Download Our App
  • About CTN News
Baht and Gold Appreciating Fast Due to Depreciating US Dollar
Cardano Price Prediction 2025: ADA Coin Bullish Momentum, Technical Analysis, and Growth Outlook
Cooler Weather at Phu Chi Fah Brings Hope for Tourism Operators
Choosing the Right Extradition Law Firm: Key Factors to Consider
Minor Hotels Announces the Grand Opening of NH Bangkok Asoke

Top Categories

  • News
  • Crime
  • Chiang Rai News
  • Northern Thailand

Find Us on Social Media

Copyright © 2025 CTN News Media Inc.
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?