The Bank of Thailand and the Finance Ministry have shown great tolerance for the surge in the baht, which yesterday touched 29.09 to the US dollar, yet another post-1997 high.
Unmanageable risk from the flood of liquidity produced by the US, the EU and Japan to tackle their economic woes is one explanation. Sounder domestic economic fundamentals are another.
The central bank seems more inclined to let market forces influence the foreign exchange market.
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