Baht weakening has sapped Thailand’s foreign reserves
in Business | July 24, 2015 6:27 pm (422 views)
The recent weakening of Thai baht has reduced Thailand’s foreign reserves by US$ 1.5 billion or 52.3 billion baht to US$ 157.3 billion or 5.376 trillion baht against US dollars as of July 17, according to the Bank of Thailand.
The foreign reserves cutback was based on the calculation of the exchange rate of 34.84 baht per dollar. Just one week earlier, foreign reserves stood at US$158.8 billion or 5.39 trillion baht.
Forward position was kept at US$ 19.5 billion compared to last week’s US$19.3 billion resulting to the reduction of net foreign reserves to US$176.8 billion.
Financial market analysts of commercial banks attributed the drop in foreign reserves to steady weakening of the baht against US dollars. They predicted that the baht would continue to weaken but it should not be a matter of serious concern because Thailand’s foreign reserves are at high level and are sufficient to maintain economic stability.
in Business | July 24, 2015 6:27 pm (422 views)
The recent weakening of Thai baht has reduced Thailand’s foreign reserves by US$ 1.5 billion or 52.3 billion baht to US$ 157.3 billion or 5.376 trillion baht against US dollars as of July 17, according to the Bank of Thailand.
The foreign reserves cutback was based on the calculation of the exchange rate of 34.84 baht per dollar. Just one week earlier, foreign reserves stood at US$158.8 billion or 5.39 trillion baht.
Forward position was kept at US$ 19.5 billion compared to last week’s US$19.3 billion resulting to the reduction of net foreign reserves to US$176.8 billion.
Financial market analysts of commercial banks attributed the drop in foreign reserves to steady weakening of the baht against US dollars. They predicted that the baht would continue to weaken but it should not be a matter of serious concern because Thailand’s foreign reserves are at high level and are sufficient to maintain economic stability.
