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Thai Baht to go to 28?

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  • ^This idiot is ****in helpless.


    • ^you are lonely
      Keep your friends close and your enemies closer


      • The week ending August 13th, 2021 the Thai Baht was being exchanged at 32.83 baht to every 1 US dollar.

        • Exports see surge as baht declines

        The weakening baht against the US dollar has propped up the export sector, which could register higher growth this year if Thailand can overcome challenges ranging from the ongoing pandemic to shortages of containers and labour.

        The baht has depreciated by 10.4% against the dollar so far this year, becoming Asia's worst performing currency, according to a Reuters report on Tuesday.:

        Keep your friends close and your enemies closer


        • The week ending August 20th, 2021 the Thai Baht was being exchanged at 32.85 baht to every 1 US dollar.

          • Thailand’s first twin deficit in nearly a decade set to hit baht

          Thailand is heading for a rare current account deficit this year with the country missing out on the billions of dollars earned from tourism, likely piling more pressure on the nation’s already battered currency.

          Southeast Asia’s second-largest economy may post a current account shortfall of $10.3 billion, or 2% of gross domestic product, the first deficit since 2013, the National Economic and Development Council estimates. Add to it a budget deficit seen topping 10% of GDP for the 12 months through September, it’s a double blow for the baht, which was on a US manipulator watch list earlier this year.

          The reversal of fortunes for Asia’s worst-performing major currency this year echoes the damage wrecked by the pandemic on Thailand’s economy. With the nation reeling under the deadliest phase of the Covid outbreak so far, authorities have imposed growth-sapping restrictions on businesses and movement. That’s dented any chances of a quick recovery and plans for a wider reopening of borders to foreign visitors, who contributed more than $60 billion to the economy before the pandemic.

          “Thailand’s weak growth outlook, especially because of its reliance upon tourism, has soured sentiment toward the baht,” said Dhiraj Nim, a foreign exchange strategist at Australia & New Zealand Banking Group Ltd. “Its usual current account surplus has also turned into a deficit in recent months, eroding support for the currency.”

          The baht has tumbled 10.3% this year to trade near a three-year low and is on course for its biggest annual drop since 2000, according to data compiled by Bloomberg. More losses and volatility may be in store for baht because of the domestic factors, according to the Bank of Thailand’s Monetary Policy Committee.

          The worsening outlook for growth and the raging outbreak have spurred foreign investors to pull out a net $3.34 billion from Thailand’s stocks, weighing further on the currency. The BoT sees downside risks to its GDP forecast of 0.7% for this year and Governor Sethaput Suthiwartnarueput this week called for 1 trillion baht in additional government spending to cushion the pandemic blow to the economy.:
          • Thailand’s economy staring at recession at year-end

          The Thai economy rebounded in the second quarter, growing by 7.5 percent year on year, after a 12.1 percent contraction during April-June last year. The high economic growth in the second quarter compared to the same period last year is the result of an unusually low base, and is not an accurate reflection of the economic reality.

          A better indicator is the quarter-on-quarter data after seasonal adjustment, which shows growth at 0.4 percent compared to the first quarter that saw only a 0.2 percent improvement on the fourth quarter of last year.

          “The momentum of recovery has decelerated,” said Danucha Pichayanan, secretary-general at the National Economic and Social Development Council (NESDC).

          Uneven recovery

          Relatively high export growth and public spending have largely contributed to the recovery.

          However, many economic sectors have been hit hard since April when the third COVID-19 wave began.

          The government has over the past few days extended lockdown restrictions in 29 virus hot-spot provinces until the end of this month.

          The longer the lockdown period, the greater the negative impact on the economy.

          Many businesses are still closed, while others are operating partially due to lockdown restrictions. The mobility of people has also been restricted by travel restrictions.

          Looking towards the end of this year, the NESDC is still worried about the economic situation after the Public Health Ministry warned of exponentially high infections in the coming months.

          “More business activities are expected to kick-start in September if new virus infections start to decline,” said Danucha.

          The NESDC has cut its economic growth projection for this year to 1 percent (in a range of 0.7-1.2 percent) from 2 percent (range of 1.5-2.5 percent) forecast in May.:

          Keep your friends close and your enemies closer


          • The week ending August 27th, 2021 the Thai Baht was being exchanged at 32.15 baht to every 1 US dollar.

            • Thailand’s economic outlook ‘still strong’ despite Covid-19

            Moody’s Investors Service has maintained Thailand’s sovereign credit rating at Baa1, equivalent to BBB+, citing a “stable” economic outlook due to strong public finances, said government spokesperson Ratchada Thanadirek on Thursday.

            “Moody’s noted that Thailand has low short-term debt of only 8 per cent, with an extremely low baht-to-foreign currency debt of less than 2 per cent, which contributed to the low inflation rate,” she said.

            Meanwhile, the Commerce Ministry reported that the value of exports from January to July rose 16.2 per cent year on year, spurring a $2.6 billion trade surplus for Thailand, Rathchada added.

            “According to the Board of Investment of Thailand [BOI], in the first half of 2021 over 800 projects have been granted privileges with total investment value of Bt386 billion, up 158 per cent on the same period last year,” she said. “The top three countries granted investment privileges are Japan, United States and China.”

            To attract foreign investors and promote technology transfer, the BOI is granting tax breaks at 100 to 200 per cent of investment value to companies that invest in education, research and development, innovations, science and high-technology, product and packaging design.

            “Moody’s estimates that after the Covid-19 situation is resolved, foreign investment in Thailand will continue to grow, especially in the Eastern Economic Corridor, which will help boost domestic employment as well as consumption demand and ultimately increase the country’s competitiveness in the global market,” added Ratchada.:
            Keep your friends close and your enemies closer


            • The baht is doing better against the US dollar this past week
              Keep your friends close and your enemies closer


              • and today it's at 31.88 baht to every 1 US dollar
                Keep your friends close and your enemies closer


                • jumped up to 32.08 baht to every US dollar today
                  Keep your friends close and your enemies closer


                  • The week ending September 3rd, 2021 the Thai Baht was being exchanged at 32.13 baht to every 1 US dollar.

                    • Economic recovery hinges on whether relaxation of lockdown is sustainable

                    The government has started to ease some lockdown restrictions from September 1. Department stores have been allowed to reopen most of their services after being closed for a month.

                    Restaurants are allowed to serve a limited number of customers for indoor dining. Barbershops and beauty salons have been given the green light to reopen as has traditional Thai foot massage. Domestic flights will resume in early September.

                    The Public Health Ministry recently assured the country that daily COVID-19 infections have passed their peak. New daily cases have fallen below 20,000 in the past few days, signaling an improvement in the situation after the previous month saw a sharp spike in infections, a shortage of hospital beds, and soaring fatalities.

                    Prinn Panitchpakdi, the economic team leader of the Democrat Party, said that setting a 50 percent limit for customers at air-conditioned restaurants and 75 percent at open-air restaurants may cause unnecessary inconvenience to both operators and customers and also cannot prevent the virus from spreading.

                    Stocks and baht rise

                    Investor sentiment has been boosted by the decline in the rate of new COVID-19 cases, as a result, the Stock Exchange of Thailand Index has rallied above 1,600 since August 25, touching 1,638.75 on August 31. The baht has also rebounded after weakening to around Bt33 to the US dollar in the previous weeks, as foreign investors have bought more shares and bonds, injecting fresh optimism in the local financial market.:

                    Keep your friends close and your enemies closer


                    • Baht was even stronger against the US dollar today at 31.98 to every 1 US dollar

                      Keep your friends close and your enemies closer


                      • The week ending September 10th, 2021 the Thai Baht was being exchanged at 32.15 baht to every 1 US dollar.

                        Keep your friends close and your enemies closer


                        • Midday today it’s at 32.34

                          Originally posted by S Landreth View Post
                          The week ending September 10th, 2021 the Thai Baht was being exchanged at 32.15 baht to every 1 US dollar.

                          Keep your friends close and your enemies closer


                          • The week ending September 17th, 2021 the Thai Baht was being exchanged at 32.74 baht to every 1 US dollar.

                            • SCB EIC sees recovery in mid-2023

                            SCB Economic Intelligence Center (SCB EIC), the research house of Siam Commercial Bank (SCB), has forecast Thailand's economic recovery would be delayed until mid-2023 because of the impact of the prolonged pandemic.

                            The research house predicted Thailand's economy would return to the 2019 level in the middle of 2023, a delay from the beginning of 2023 as previously projected.

                            The delayed recovery is mainly due to the continuing infections, said its chief economist Yunyong Thaicharoen.

                            Under this scenario, SCB EIC has slashed the country's GDP growth projection for 2021 from 0.9% previously to 0.7%, mainly caused by lower domestic consumption.

                            The government's lockdown measures to contain new cases have severely affected domestic consumption. As a result, the research centre has cut its domestic consumption growth forecast from growth of 0.1% earlier to a 0.8% contraction this year.

                            Even though the export sector is the key engine of Thailand's growth momentum, supply chain disruption due to the pandemic has hurt the export sector.

                            SCB EIC has maintained its export growth forecast for this year at 15%, although the sector showed strong growth at 19.4% year-to-date, on a year-on-year basis, Mr Yunyong said.

                            Due to Thailand's prolonged outbreak and the restrictive policies of outbound tourism of many countries, the recovery of Thailand's tourism sector is expected to be delayed as well.

                            The research house has downgraded its foreign tourist arrivals forecast this year from 300,000 to 170,000. However, the research house expects tourist arrivals would increase to 6.3 million in 2022, thanks to the improving outbreak situation locally and internationally, as well as a low base effect.

                            Thailand's daily new infections are believed to have peaked in August, and the situation has started to improve. However, new infections per day could increase after the government eased the lockdown measures.

                            For 2022, the research house expects the Thai economy to grow 3.4% from a recovery in both domestic and external demand following higher vaccination rates.

                            With lower and longer-impact on Thailand's economy from the pandemic, the government's existing second borrowing under the Emergency Decree worth 500 billion baht would not be enough to subsidise and recover the Thai economy. It is reasonable if the government were to borrow an additional 500 billion baht-1 trillion baht, Mr Yunyong said.:

                            Keep your friends close and your enemies closer


                            • Thailand raises public debt ceiling to 70% of GDP

                              Thailand has decided to increase its public debt ceiling to gross domestic product (GDP) ratio to 70%, from the current 60%, to allow the government to borrow more to rehabilitate the economy devastated by the COVID-19 pandemic.

                              Finance Minister Arkhom Termpittayapaisith said the decision was agreed at a meeting of the fiscal and monetary board today, to give the government more room to manoeuver in case it needs fresh borrowing to implement medium-term fiscal policies, while it is still in a position to service its debts.

                              The minister insisted that the adjustment is in line with Section 50 of the State Fiscal and Monetary Disciplines Act, which stipulates that the government can adjust the ratio between public debt and GDP every three years at least.

                              In the course of the COVID-19 pandemic, the government has rolled out multiple stimulus packages, to boost the ailing economy and to help many working people affected by its impacts. Each package costs taxpayers’ tens of billions of baht, while collection of tax revenue has fallen short of targets.:

                              Keep your friends close and your enemies closer


                              • The week ending September 23rd, 2021 the Thai Baht was being exchanged at 32.73 baht to every 1 US dollar.

                                • ADB trims Thailand’s 2021 GDP estimation to 0.8 from 3% amid Covid-19 concerns

                                The Asian Development Bank (ADB) has lowered Thailand’s 2021 GDP estimation to 0.8 per cent from its previous estimation of 3 per cent in April amid continuing concern over the Covid-19 pandemic across Asia.

                                Thailand’s growth outlook for 2022 was also lowered from 4.5 to 3.9 per cent, according to the ADB’s updated Asian Development Outlook 2021, released on Wednesday.

                                The ADB has lowered its 2021 economic growth outlook for all of developing Asia.

                                ADB forecast growth of 7.1 per cent among Asia’s developing nations this year. That compares with a projection of 7.3 per cent in April.

                                The growth outlook for 2022 is however raised to 5.4 from 5.3 per cent.

                                New Covid-19 variants, renewed local outbreaks, the reinstatement of various levels of restrictions and lockdowns, and slow and uneven vaccine rollouts are weighing down the region’s prospects, it said.:

                                Keep your friends close and your enemies closer


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