Central bank ready to act if baht is too volatile

Central bank ready to act if baht is too volatile

The Bank of Thailand said on Tuesday it was closely monitoring the Thai baht and is ready to take action if moves in the currency are unusually volatile.

The depreciation of the baht has been mainly driven by external factors, the BoT said in a statement. The baht was at 34.22 per dollar at Tuesday's close, the weakest level in almost five years.

The US Federal Reserve's tendency toward tighter-than-expected monetary policy has continued to push up the dollar, causing regional currencies, including the baht, to fall, the BoT said.

Since the start of the year, the baht has depreciated 2.5% against the dollar, while regional currencies have fallen between 1% to 5.5%, according to the BoT.

Concerns about China's slowdown following persistent lockdowns have also weighed on regional currencies, while the baht faced additional short-term pressure from dividend repatriation of foreign investors, it said.

The private sector should regularly manage risks to reduce the impact of financial market volatility at a time of high uncertainty, the central bank said.

Do you like the content of this article?

Longer hours for visitors

Bangkok governor Chadchart Sittipunt is planning to stimulate the local economy by encouraging some tourist attractions to open until midnight.


Hong Kong's crypto industry eager for policy support

HONG KONG: Hong Kong's cryptocurrency entrepreneurs and investors are looking to the government to take more measures to support the industry amid growing concerns about the city's diminishing status as a crypto hub resulting from regulatory uncertainty.

25 Sep 2022

Russia vows to fix mistakes after old, sick people mobilised

MOSCOW: Russian authorities on Sunday promised to fix the mistakes in their troop call-up for Ukraine, after some public outrage over students, older or sick people being mistakenly ordered to report for duty.

25 Sep 2022