Bank of Thailand grapples with baht appreciation
Central bank relaxes FX regulations and cuts rates as baht hits six-year high
The Bank of Thailand (BoT) remains concerned about the strength of the Thai baht, as the currency reached its strongest levels against the US dollar in six years.
The baht rose nearly 9% against the US dollar in 2019, with USD/THB crossing the 30 mark in late December, making it one of the best-performing currencies of the past year.
Its strength was underpinned by Thailand’s current account surplus and the country’s perceived “safety net” status.
The BoT has tried to curb the baht’s rise by
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