Pattaya Daily News

06 June 2010 :: 11:06:22 am 23977

Baht Stable as Europeans Suffer Heavy Economic Volatility

The Bank of Thailand recently released a statement saying that all major Asian currencies, including the Thai Baht, remain strong in front of the volatile European currencies, being fuelled by the public debt crisis.
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Bangkok, the 5th of June 2010 [Pattaya Daily News]: Bank of Thailand Assistant Governor Mrs. Suchada Kirakul stated that regional currencies have seemingly been unaffected by the debt problems hitting Europe. With the economic fundamentals remaining intact throughout Asia impressive economic growth has been scene in many countries.

Singapore and Thailand both experience extensive economic growth in the first quarter of 2010, reaching 15 and 12 percent respectively. “The regional currencies including the baht are seen weakening slightly on a daily basis, but they have nonetheless strengthened since early this year. For instance, the baht has risen 2.4 per cent, the Indonesian rupiah by 2.6 per cent and the Malaysian ringgit by 4.8 per cent,” stated Mrs. Kirakul.

Due to the continuing tension on the Korean peninsula and Thailand’s recent political insecurity, the Baht is expected to weaken slightly by the half yearly report. Capital movements have balanced out with foreign capital flowing out of the Thai stock market at a steady rate.

Despite the 2-month long anti-government protests in Bangkok, foreign imports and the local export industry have been largely unaffected and are seen to be rather stable at the moment.

Thai Prime Minister Abhisit Vejjajiva’s policy of reassuring foreign and local investors has significantly helped to stabilise a systemic collapse, as was feared. Although in the long run it remains to be seen how damaging the negative political undercurrent that still exists in the Kingdom will be.

Reporter : John Weston   Photo : Internet   Category : Thailand News

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