FRIDAY, March 29, 2024
nationthailand

Ministry issues new measure on strong baht

Ministry issues new measure on strong baht

Finance Minister Uttama Savanayana said on Thursday (February 6) that exporters could park more of their money abroad as the latest measure to curb appreciation of the Thai currency.

Exporters will be allowed to keep a larger amount of their profits in overseas accounts, up to one million dollar from the $200,000 currently allowed, he said.
It will lower cost for exporters and at the same time lessen pressure on the baht's appreciation as exporters need not repatriate large sums of money back to the country. 
It will also lead to more balance between capital outflows and inflows, he said.
The baht gained 8 per cent against the US dollar last year. 
The currency was highly volatile in the first month of 2020, moving past the Bt30/dollar level and retreating below Bt31. 
It weakened at the outbreak of the coronavirus, but has since regained strength.
At the close of trade on Thursday, the weighted-average interbank exchange rate stood at Bt31.078/ dollar, compared with Bt30.110 on January 2, the first day of trade this year, according to the Bank of Thailand. 
High current account surplus and slowing investment were blamed for the strong baht.

nationthailand