Thai baht, bonds decline amid protests before amnesty bill vote | Bangkok Post: news

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Baht, bonds decline amid protests

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Thailand's baht dropped to a seven-week low and bonds fell as anti-government protests sparked by an amnesty bill dim the outlook for the economy and prompt overseas investors to pull funds from the country's assets. 

The demonstrations against the bill granting amnesty for political offences are beginning to impact the economy, with tourism and investor confidence the most affected, Bank of Thailand governor Prasarn Trairatvorakul said at a seminar in Bangkok on Sunday. The Senate is scheduled to begin voting on the legislation at 10am on Monday. Most emerging-market currencies in the region fell as improved United States jobs data boosted speculation the Federal Reserve will cut stimulus this year.

"While external factors are dollar-positive, Thailand's growing political risk gives more reasons for foreigners to stay away from Thai assets," said Koji Fukaya, chief executive officer and currency strategist at FPG Securities Co in Tokyo. "The impact on the economy is a major concern at this point. Investors are cautious about the baht and the assets."

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