Thai Baht Is Brought Back to Earth After a Winning Year in Asia [Yahoo! Finance News]
TESCO PLC S/ADR (TSCDY)
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Source: Yahoo! Finance News
) -- The Thai baht has gone from being Asia’s top-performing currency in 2019 to dead last in January. Finishing in the middle of the pack may be the best that can be expected this year as the central bank and a host of other forces line up against it. The currency’s 9% surge in the 12 months through December was more than double that of its closest rival, the Philippine peso. It was also a threat to the nation’s economic competitiveness that rang alarm bells in Bangkok. Bank of Thailand Governor Veerathai Santiprabhob put the market on notice in a recent interview that this year will be different. He plans to rein in the baht by easing curbs on foreign-currency deposits, letting exporters keep more of their proceeds overseas and allowing insurance companies to increase investment abroad. The central bank isn’t the only thing that’s set to curb the currency. Declining exports, low agricultural prices and a drop in international visitors loom as risks to growth over the next 12 to 18 m
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