Thailand denies Baht manipulation

Thai Baht (Source: themalaymailonline.com)

Thailand’s commerce minister Apiradi Tantraporn on October 18 rejected claims that the country engages in unfair currency practices to gain a trade advantage over partners, particularly the US.

The Bank of Thailand faces criticism for doing too little to curb gains in the Baht, she said.

Thailand is at risk of being accused by the US Department of the Treasury of currency manipulation. The country currently runs a near 20 billion USD bilateral trade surplus with the US.

A committee established by US President Donald Trump’s administration is investigating the trade deficit with Thailand.

The US treasury is expected to release a report on foreign exchange policies of major trading partners in October.

Exports of goods and services account for 70 percent of Thailand’s revenue, with the US being its third largest trade partner.

The Thai Baht has risen more than 8 percent over the US dollar in 2017, recording the strongest growth among Asian currencies this year.

VNA

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