11 Nov 2022
Financial Institutions
The Baht strengthens…but close attention must be paid to volatility sparked by several factors, going forward ... Read more
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21 Sep 2022
The Thai Baht recently tested the THB37.20/USD level, its new low in almost 16 years since October 2006, amid the US Federal Reserve (Fed)’s hawkish signals of further rate hikes. However, the Baht’s movements have been in alignment with the Yuan and other regional currencies since the beginning of 2022. It has weakened by roughly 10 percent against the greenback, becoming the fifth weakest currency in Asia after the Japanese Yen, South Korean Won, Philippine Peso and New Taiwan Dollar. ... Read more
9 Jul 2021
The Baht has weakened rapidly amid heightened risks from the third wave of the COVID-19 pandemic, which tends to be difficult to control as authorities grapple with COVID-19 variants. As a result, the Baht hit a 15-month low at THB 32.73 per USD (during the trading sessions on July 9, 2021). Meanwhile, risks posed by the prolonged outbreak have widened Thailand’s current account deficit. In KResearch’s view, this is an indicator of the Baht’s weakening fundamentals, as well as a risk to Thailand’s economic recovery over the remainder of 2021. ... Read more
11 Feb 2021
Quantitative easing (QE) is a form of unconventional monetary policy, which is typically used by central banks of major countries, including several nations in Asia, in helping address their economic woes after having to cut their policy rates to near zero percent. The details and size of asset purchase program under QE vary depending on the nature and context of the financial and economic systems of a country.... Read more
20 Nov 2020
The Thai financial market has substantially been affected by increased volatility and downside risks in the global financial markets since the beginning of 2020. Recently, there was an influx of investment in assets within the emerging markets, including Thailand, following the US Presidential election and encouraging news about COVID-19 vaccines.... Read more
4 Jun 2020
In April 2020, many countries around the world, including Thailand, began to implement lockdown measures to combat the coronavirus (COVID-19) pandemic. This has resulted in economic stagnation. At the same time, foreign investors became net sellers of Thai stocks and bonds. Meanwhile, the Baht has gradually strengthened since April due to the softening US Dollar and specific factors in Thailand, such as gold exports and repatriation of funds to the country.... Read more
7 Nov 2019
On November 6, 2019, the Bank of Thailand (BOT) announced the “Relaxation of rules to facilitate capital outflows and lessen pressure on the Thai Baht”, while the Monetary Policy Committee (MPC) resolved to cut its policy rate to 1.25 percent. Their concurrent actions have caused the Baht to weaken slightly.... Read more
16 Oct 2019
The continuously strengthening Thai Baht has caused worries among the export-related business sector and the domestic tourism industry. Since the beginning of 2019, the Thai Baht has risen 7.4 percent against the greenback and other key major and regional currencies. The Thai currency has surged in spite of net sales by international investors in bond and stock markets. Moreover, Thailand registered a high trade surplus, partly attributed to the surplus from gold trade which continues to push the Thai Baht upward. Thailand is likely to see a high surplus from the gold trade for a while as long as global gold prices continue to increase. ... Read more
9 Oct 2019
The Baht has appreciated to test THB30.30/USD, representing the strongest in more than six years and Asia’s best-performing currency. The Thai currency has strengthened by approximately 7.4 percent against the greenback, outpacing the Indonesian Rupiah and Philippine Peso, which have appreciated only 2.8 percent and 1.8 percent so far in 2019.... Read more
15 Jul 2019
The Bank of Thailand (BOT), on July 12, 2019, issued the measures to enhance short-term capital flow surveillance under the measures to prevent Thai Baht speculation formally announced after the central bank had earlier sent signal and expressed concerns over the rapid gains of Thai Baht which had strengthened beyond the fundamentals of the Thai economy. The two key points of the measures are: 1. Enhance measures to prevent Thai Baht speculation through the Baht-denominated account of non-residents (NR). The BOT has reduced the limit on the outstanding balances of Non-resident Baht Account (NRBA) and Non-resident Baht Account for Securities (NRBS) to THB200 million from THB300 million. The NRBA is the Baht-denominated account for general purposes such as for payment of goods/services, and the NRBS is the Baht-denominated account for investment in securities and other financial instruments. 2. Enhance the reporting requirements for non-residents’ holdings of bonds issued in Thailand where the names of end beneficiaries shall be reported for all non-residents’ holdings of Thai bonds. ... Read more
25 Apr 2019
The Baht weakened past THB32.00/USD, moving within a range of THB32.02-32.09/USD on April 25, 2019, representing the weakest level since the beginning of 2019 and declining by approximately 1.5 percent from that reported one month ago. The softening Thai currency was consistent with cautious stance of foreign investors in the Thai financial market, as reflected in their net sell position in the Thai bond and stock markets at THB18 billion during one month after the general elections in Thailand. An important factor that has been monitored closely in the Thai financial market after the general elections is political situation and clarity towards the setting of a new government. ... Read more
10 May 2018
KResearch expects the Bank of Thailand’s Monetary Policy Committee (MPC) to “maintain” their policy rate at 1.50 percent for the third time in 2018 during its meeting on May 16, 2018 to support the continued momentum of Thai economic growth. Domestic spending has not fully recovered amid limited supporting factors from the fiscal policy and relatively low pressure on inflation, making monetary easing policy suitable for the current state of the Thai economy. At the same time, trade tensions between the US and China linger after Washington and Beijing failed to find a solution for their trade dispute during the previous rounds of trade talks, leading to fears of possible retaliatory measures from China, which could indirectly impact Thailand. ... Read more
4 Jan 2018
泰铢币值从新年开始就升值到接近32.20泰铢兑换1美元的水平,为近3年多来的最高值,与本区域其他币种的走向相一致,同时美元仍未获得明显的支持因素,虽然今年美联储将继续逐渐上调政策利率,不同于泰国政策利率在今年大部分时间内仍将维持1.5%的水平不变。 开泰研究中心认为,泰铢从2018年首几个工作日起就进入升值区间的局势,与资金流入的情况相符,主要因为获利于泰国经济基本面因素强健和看好经济趋向复苏,尤其是经常项目顺差,开泰研究中心预料2018年泰国的经常项目可能连续第三年实现逾400亿美元的顺差。... Read more
28 Dec 2015
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