Baht heads for weekly drop
- Published: 27 Sep 2013 at 12.50
- Online news:
Thailand's baht headed for its first weekly loss in three on concern the country's recession will deter foreign inflows. Bonds advanced for a third week.
The currency weakened on Friday as Barclays Plc cut the country's 2013 economic growth forecast to 2.5% from 3.5%. The lender cited a domestic credit crunch, waning stimulus and lack of confidence after Southeast Asia's second-largest economy shrank in the first two quarters, while exports fell for three months through July.
Bank of Thailand Governor Prasarn Trairatvorakul said the central bank is concerned about sluggish private demand and labour shortages.
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