Thursday, April 15, 2021

Baht appreciation expected to be shortlived

Nov 18. 2020
Deputy PM Supattanapong Punmeechaow
Deputy PM Supattanapong Punmeechaow
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By The Nation

The Thai currency will only strengthen for a short period as foreign investors are flocking to the markets, including Thailand, to seek profits at the end of the year, Deputy PM Supattanapong Punmeechaow said.

He added that the Bank of Thailand was closely monitoring the situation.

Meanwhile, the Federation of Thai Industries chairman Supant Mongkolsutree said the baht has risen 8.2 per cent since April this year to around Bt30.34 against the US dollar.

He added that the baht appreciated more than the Vietnamese dong, which means exports from Thailand are more expensive that those from its main competitor.

He said the baht has risen by 10 per cent if counting back from March this year, when it was Bt33 against the greenback.

Supant believes the most appropriate value for the baht should be Bt32 to the dollar.

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