Bank of Thailand Governor Vitai said on Friday that the central bank has taken strong measures to mitigate fluctuations in the Thai baht. So far this year, the Thai baht has risen 10.3% against the US dollar, to its highest level in more than four years, making it the second-best performing currency in Asia. The strengthening of the Thai baht has exacerbated Thailand's plight. The country is facing issues such as US tariffs, high household debt, border clashes with Cambodia, and political uncertainty before the early February elections. “Despite our large-scale intervention in the second half of the year, these efforts only mitigated the fluctuations. We want to reduce volatility, and we don't want the Thai baht to be strong enough to hurt exporters and the overall economy.” Vitai said, “The central bank has not set a specific target for the Thai baht exchange rate, and the exchange rate cannot be manipulated due to international agreements.” He pointed out that the recent strengthening of the Thai baht is due to a weak US dollar, capital inflows, and higher-than-expected current account surpluses.

Bank of Thailand Governor Vitai said on Friday that the central bank has taken strong measures to mitigate fluctuations in the Thai baht. So far this year, the Thai baht has risen 10.3% against the US dollar, to its highest level in more than four years, making it the second-best performing currency in Asia. The strengthening of the Thai baht has exacerbated Thailand's plight. The country is facing issues such as US tariffs, high household debt, border clashes with Cambodia, and political uncertainty before the early February elections. “Despite our large-scale intervention in the second half of the year, these efforts only mitigated the fluctuations. We want to reduce volatility, and we don't want the Thai baht to be strong enough to hurt exporters and the overall economy.” Vitai said, “The central bank has not set a specific target for the Thai baht exchange rate, and the exchange rate cannot be manipulated due to international agreements.” He pointed out that the recent strengthening of the Thai baht is due to a weak US dollar, capital inflows, and higher-than-expected current account surpluses.