US dollar’s weakness among reasons for strengthening baht, says BOT
The Bank of Thailand (BOT) has acknowledged the recent appreciation of the baht, attributing it to the weakening US dollar and rising global gold prices, spokesperson Chayawadee Chaianant said on Friday.
However, she noted that the central bank remains vigilant, monitoring the baht's movements to mitigate potential impacts on the business sector.
A recent study by KResearch revealed that the baht reached a 19-month high of 33.26 baht per dollar, marking its strongest level since early February 2023. The baht's appreciation has been primarily driven by external factors, including the US Federal Reserve's monetary policy outlook and the rising price of gold.
BOT spokesperson Chayawadee emphasised that the BOT was closely monitoring the baht's movements to ensure it did not adversely affect businesses. While acknowledging some domestic factors were contributing to the baht's strength, Chayawadee noted that net capital outflows had persisted throughout the year.
Regarding the 10,000-baht top-up project through digital wallet, the BOT has indicated that official information and details are forthcoming. The project's eligibility criteria and distribution amounts will be reassessed based on the latest data.
