Thai Baht Rate Stabilizes
The central bank of Thailand has decided to lift the reserve withholding measure implemented in 2006. The measure was intended to discourage speculation in baht and prevent economic instability.
Citing that the overall economy had improved, including the flow of capital in and out of Thailand, it was decided to allow the Baht to find its own value in relation to other currencies. Since the measure was removed, the value of the Baht trading domestically has risen and is trading at approximately 31.4 baht to the U.S. dollars.
Bank of Thailand Governor Tarisa Watanagase stated on Friday “The currency has edged closer to a same level automatically since the capital controls measure was lifted. We have done nothing to keep it closer.”
Thailand’s international reserves are US$108billion, a substantial increase over last year’s $87.5billion. Americans living in Thailand on income in U.S. dollars have noticed a big decline in purchasing power.
Thai Baht Rate Stabilizes
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