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Thailand fights against its own currency's success

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Thailand fights against its own currency's success

Bangkok struggles to weaken baht without drawing US trade pressure

YOHEI MURAMATSU and MARIMI KISHIMOTO, Nikkei staff writers

 

baht.jpg

Baht banknotes featuring Thailand's King Maha Vajiralongkorn   © Reuters

 

BANGKOK -- Thailand is trying to coax the baht down from six-year high territory as the currency's strength threatens local manufacturing and tourism.

 

The central bank has cut interest rates and eased capital controls to rein in emerging Asia's best-performing currency this year.

 

It is an ironic twist for a country that became the epicenter of the 1997 Asian financial crisis after its currency collapsed. Thailand now finds that its relatively sound fundamentals have made it a safe haven for capital in Southeast Asia.

 

This has resulted in a rising currency that renders Thai exports less competitive in the global market and makes the country more expensive for foreigners to go on holiday.

 

Full story: https://asia.nikkei.com/Business/Markets/Currencies/Thailand-fights-against-its-own-currency-s-success

 

-- NIKKEI ASIAN REVIEW 2019-11-13

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