The Thai baht weakened to 31.88 per dollar on Thursday but was still up about 8% this year, the second-best performer in Asia after the Taiwan dollar. Its rapid appreciation has raised concerns for exports and tourism, key pillars of Thailand’s economy. Incoming Finance Minister Ekniti Nitithanprapas said the government will work with the Bank of Thailand to manage the local currency after it hit a four-year high, noting that capital inflows and gold trading will be monitored for irregularities. He added he had discussed stabilization with Vitai Ratanakorn, who will become central bank governor on October 1. Ekniti also flagged potential probes into unusual flows, while Deputy Minister Vorapak Tanyawong warned the baht could climb further on foreign demand for bonds and equities. Earlier this week, the central bank said it may introduce a tax on gold trading. From January to July, Thailand’s gold exports surged 82% to USD 7.6 billion, including USD 2.1 billion to Cambodia.
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