SUNDAY, February 25, 2024
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Arkhom says rising baht a measure of foreign confidence in Thai economy

Arkhom says rising baht a measure of foreign confidence in Thai economy

Finance Minister Arkhom Termpittayapaisith says the baht is strengthening against the US dollar thanks to inflows of foreign funds to the Thai stock and bond markets.

Speaking on Wednesday, he said foreign investors are attracted by Thailand’s Bio-Circular-Green economy model for sustainable development.

Sustainable stocks are a growing trend in global investment as the world switches to low-carbon economies to stave off environmental destruction from climate heating.

Arkhom added that the rising number of foreign tourists is also helping stimulate domestic consumption in Thailand.

“This proves that foreigners have confidence in Thailand’s economy,” the finance minister said.

However, the Bank of Thailand is continuing to monitor the Thai currency closely. A strong baht would trigger concerns over loss of competitiveness for Thai exports.

The baht slumped to 38 per dollar in September last year before strengthening to 33/dollar this month.

It opened at 33.34 to the dollar on Thursday, unchanged from Wednesday’s close. The currency will likely move between 33.25 and 33.60 against the greenback during the day, according to experts.

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