In a world roiled by violence in Ukraine and Gaza, stability has become the watchword for investors — even if it comes in the form of a coup.
The Thai military's overthrow of the elected government on May 22 has proved a boon for the baht, the best performer among 24 emerging-market currencies tracked by Bloomberg over the past two months. Banks from Goldman Sachs Group Inc to Credit Suisse Group AG raised their baht forecasts last month, saying political risk has eased under the army junta.
Foreign investors share their optimism, pouring $5.3 billion into Thai bonds in July in the best month since April 2011, data compiled by Bloomberg show. The generals justified their overthrow of prime minister Yingluck Shinawatra by saying they were restoring peace after months of anti-government protests.
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