U.S. Dollar Falls 11.5% Against the Thai Baht
The strengthening of the Thai Baht against the U.S. dollar is no good news and is raising concerns in Thailand. For the uninitiated, the Thai Baht has hit a five-year high against the U.S. dollar, and the rise is having a major impact on the country’s manufacturing, imports, and export sectors. In addition, tourism is also being hit as significant revenue comes from foreigners visiting the country for vacations. Also Read: China’s Belt and Road Initiative Reaches European Borders The Economic Impact of Thai Baht’s Strengthening Against the U.S. Dollar The U.S. dollar had dipped 11.5% against the Thai Baht during mid-2024. However, it briefly recovered and is now down 8.5% year-to-date. While local currencies gaining against the U.S. dollar is a win for other countries, the case is not the same for Thailand. A strong Thai Baht is hitting exporters and tourism, confirmed the Central Bank of Thailand. Source: Visual Capitalist The Central Bank of Thailand said that exports in A...