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BANGKOK 20 February 2019 20:03
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Thai central bank chief - Baht strength from current account surplus, not rate hike

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Thai central bank chief - Baht strength from current account surplus, not rate hike

 

2019-02-14T065051Z_1_LYNXNPEF1D0DK_RTROPTP_4_THAILAND-ECONOMY-CENBANK.JPG

FILE PHOTO: Thailand’s Central Bank Governor Veerathai Santiprabhob is seen during an interview with Reuters at the Bank of Thailand headquarters in Bangkok, Thailand March 14, 2018. REUTERS/Jorge Silva/File Photo

 

BANGKOK (Reuters) - Appreciation of the Thai baht is due to a weaker dollar and current account surplus, Bank of Thailand governor said on Thursday.

 

This year, the baht has strengthened about 3.9 percent against the dollar.

 

Factors strengthening baht include "a high current account surplus, due to trade and tourism revenue recovering," Governor Veerathai Santiprabhob told reporters, adding that the gain was not rooted in December's interest rate hike.

 

In 2018, there was a $37 billion current account surplus, he said.

 

This year, there was $400 million outflow in bonds and an inflow of $100 million into capital markets, resulting in a net outflow of $300 million, he said.

 

"We are concerned about the baht moving too fast. We're ready to take care of irregular movement," Veerathai said, adding that Thailand would be careful to avoid any accusation of manipulating the baht.

 

(Reporting by Kitiphong Thaichareon; Writing by Chayut Setboonsarng; Editing by Richard Borsuk)

 

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-- © Copyright Reuters 2019-02-14
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9 minutes ago, ukrules said:

There is probably only one thing that can destroy Thailands tourism industry permanently and that's the Baht being too strong.

 

That and a widespread civil war.

 

 

1 minute ago, smedly said:

what goes up must come down, problem with Thailand is greed and corruption drive everything - when the baht comes down it will come crashing down, first sign will be a sudden increase in inflation - and can get out of control very quickly 

Geese, and golden eggs...

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9 minutes ago, ukrules said:

There is probably only one thing that can destroy Thailands tourism industry permanently and that's the Baht being too strong.

 

That and a widespread civil war.

 

Buy loads of tanks quick.

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