Nation Thailand
BOT affirms baht stability despite US-Iran market pressure
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The Bank of Thailand (BOT) has affirmed that the baht situation and Thailand’s external position remain strong, even as pressure from the conflict between the United States and Iran has caused the baht to weaken slightly.
Key facts
- Since the conflict between the United States and Iran broke out, the rupiah has weakened continuously by more than 8%, marking its steepest depreciation on record.
- The currency is still moving with stability, unlike Indonesia, which called an emergency meeting to raise interest rates to curb the depreciation of the rupiah.
- A key factor was foreign investors’ gradual sale of Indonesian assets in both the stock and bond markets, worth about US$3.9 billion in total.
- For Thailand, the baht has weakened by about 5.4% since the conflict began, a level lower than in many countries in the region.
- At the same time, foreign investor capital movements showed net selling of Thai assets of only about US$1.3 billion, while more recently, there have been signs of foreign capital returning, particularly to the long-term bond market and the
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Summary
The currency is still moving with stability, unlike Indonesia, which called an emergency meeting to raise interest rates to curb the depreciation of the rupiah.
Chayawadee Chai-anant, assistant governor of the Corporate Relations Group and spokesperson for the Bank of Thailand (BOT), said that amid volatility in global financial markets and the conflict between the United States and Iran, the BOT saw no need to convene a special meeting of the Monetary Policy Committee (MPC), as Bank Indonesia had done earlier.