Baht Falls as Central Bank Cuts Growth Outlook
The Thai baht fell today as Thailand’s central bank cut its growth forecast for this year, spurring fears that the external negative influences would overcome domestic economic growth.
The Bank of Thailand decreased its growth estimate for 2012 from 6 percent to 5.7 percent. The central bank has kept its key interest rate unchanged at 3 percent on its last policy meeting in an attempt to preserve economic growth. Analysts estimated, ahead of the official data on August 20, that Thailand’s economy expanded 3.1 percent in the second quarter.
USD/THB rose from 31.4750 to 31.5300 as of 11:18 GMT today, while the daily high was at 31.5800.
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Earlier News About the Thai Baht:
- Baht Posts Biggest Weekly Drop in 2011 (2012-05-25)
- Thai Baht Falls as Finance Minister Concerned About Strong Currency (2012-03-23)
- Thai Central Bank Cut Interest Rates, Baht Weaker (2012-01-25)
- Baht Falls as Floods Overwhelm Thailand's Capital (2011-10-28)
- Thai Baht Advances on Overseas Inflows (2011-07-08)