Thailand’s currency has fallen by the most among Asian peers on investor concerns that the independence of the country’s central bank is being further eroded.

The Thai baht (THB) has gained to its strongest level in 30 months as China's stimulus boosted risk assets globally, adding pressure on the Bank of Thailand (BoT) to act to curb its rally.

The Thai baht has been experiencing a greater degree of volatility against the US dollar than its regional peers, mainly due to market expectations of a US policy rate cut and global gold prices.

Gains in the Thai baht are frustrating exporters and many private companies, particularly when the Purchasing Managers’ Index (PMI) remains low.

The Thai baht was the worst performer among commonly traded Southeast Asian currencies during the first quarter of 2021, the Nikkei Asia Review cited Refinitiv, a global provider of financial market data and infrastructure.

Citibank has predicted Thai economy to expand up to 3.3 percent in 2019, while urging the new government to stimulate the domestic economy.

Thailand’s exporters are estimated to lose as much as 500 billion baht (nearly 17 billion USD) worth of income from the strong baht this year, with small-scale entrepreneurs hit the hardest, according to Visit Limlurcha, Vice Chairman of the Thai National Shippers' Council (TNSC).

Thai baht surpassed others in Asia to rise by 4 percent against US dollar as of late February, and is predicted to be one of the best-performing currencies in the region.

Thailand’s export growth is forecast to reach 5-7 percent in 2019, said the Thai National Shippers’ Council (TNSC).

The Thai baht has staged a strong recovery against US dollar after suffering a brief sell-off earlier this year, but the Thai Government is increasingly worried that continual strength in the currency could hit exports.

Thailand’s export sector during the first two months of 2018 has reportedly grown by 13.8 percent from the same period last year, the highest rate in seven years.

Thailand will use new banknotes featuring a portrait of newly-succeeding King Maha Vajiralongkorn, also known as Rama X, on the front of the bills from April. ​

Thailand’s gross domestic product (GDP) increased 3.7 percent year-on-year in the second quarter of 2017, reported the National Economic and Social Development Board.

The value of Thai baht rose to 33.94 baht per USD, a record high in the past two years after the Bank of Thailand (BOT) decided not to take measures to stop the rise of the domestic currency.