Thai baht in free fall

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bahtThe ongoing political protests in Bangkok have sent the Thai baht tumbling against major currencies over the past days. On November 27, the Thai currency reached a two-year-low of 43.53 against the euro and was heading towards a three-year-low against the US dollar. Against the Singapore dollar, the baht reached a 12-year-low.

While tourists to the country now are getting more for their hard currency, foreign firms with operations in Thailand are starting to feel the heat as raw material imports get more expensive.

Stocks and bonds also kept falling in the wake of the street protests. For example, the $1.2 billion BTS Rail Mass Transit Growth Infrastructure Fund (BTSGIF), the country’s first infrastructure fund and largest such public offering so far, went down from a record high of 13.40 baht in May to 9.40 baht as of November 27.

Thailand’s economy grew by 2.7 per cent in the third quarter 2013 from a year earlier, the slowest pace since the first three months of 2012, official data show. The government cut its 2013 expansion forecast to 3 per cent last week, from an earlier projection of as much as 4.3 per cent.

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Reading Time: 1 minute

The ongoing political protests in Bangkok have sent the Thai baht tumbling against major currencies over the past days. On November 27, the Thai currency reached a two-year-low of 43.53 against the euro and was heading towards a three-year-low against the US dollar. Against the Singapore dollar, the baht reached a 12-year-low.

Reading Time: 1 minute

bahtThe ongoing political protests in Bangkok have sent the Thai baht tumbling against major currencies over the past days. On November 27, the Thai currency reached a two-year-low of 43.53 against the euro and was heading towards a three-year-low against the US dollar. Against the Singapore dollar, the baht reached a 12-year-low.

While tourists to the country now are getting more for their hard currency, foreign firms with operations in Thailand are starting to feel the heat as raw material imports get more expensive.

Stocks and bonds also kept falling in the wake of the street protests. For example, the $1.2 billion BTS Rail Mass Transit Growth Infrastructure Fund (BTSGIF), the country’s first infrastructure fund and largest such public offering so far, went down from a record high of 13.40 baht in May to 9.40 baht as of November 27.

Thailand’s economy grew by 2.7 per cent in the third quarter 2013 from a year earlier, the slowest pace since the first three months of 2012, official data show. The government cut its 2013 expansion forecast to 3 per cent last week, from an earlier projection of as much as 4.3 per cent.

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