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BOT denies manipulating baht value for trade advantages

Jul 23. 2020
Chantavarn Sucharitakul
Chantavarn Sucharitakul
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By THE NATION

The Bank of Thailand (BOT) has reassured that it is not engaged in manipulating the baht to increase trade benefits, refuting a warning that the country could be placed on the US list of currency manipulators.

On Wednesday, the UBS Group said that Thailand and Taiwan may be added to the US watchlist for currency manipulation, if they meet all the criteria of the Treasury Department.

Chantavarn Sucharitakul, BOT assistant governor of communications and corporate relations group, informed on Thursday that the bank has exchanged information continually with the US Treasury about the transfer of capital in the global market, Thai trade surplus, and BOT's need to take care of the baht in case capital flows suddenly to Thailand.

She also said that the BOT's foreign exchange transactions were not aimed at manipulation to boost Thailand's trade benefits over that of its trade partners.

The baht has moved in both directions against the dollar and actually had weakened, she said. The central bank’s transaction was to purchase and sell foreign currencies, in line with the capital flow situation.

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