Thai currency hits seven-month low over coronavirus outbreak
The baht of Thailand on January 30 depreciated to its lowest level in seven months at 31.17 per US dollar as investors are worried about the impact of the new coronavirus outbreak, according to Kasikorn Research Centre.
Thailand's baht depreciates to the lowest level in seven months on January 3. (Photo: Reuters)
Bangkok(VNA) – The baht of Thailand on January 30 depreciated to its lowest level inseven months at 31.17 per US dollar as investors areworried about the impact of the new coronavirus outbreak, according to KasikornResearch Centre.
The Thailand-basedresearch house said that other currencies in Asia had also weakened along withthe baht. Sales of Thai shares by foreign investors are also attributed to theweakening of the baht, it said, predicting that the baht would move in a rangeof 31 – 31.2 THB against the greenback.
The impact of theSARS-like virus also caused a decline in thecountry’s current account surplus which in recent years had resulted in arelatively large surplus and boost the baht.
Widespread drought, astrong baht, disarray over the annual budget, air pollution and the latestdeadly virus outbreak may drag Thailand’s economic growth to below 2.5 percentthis year, said the Thai Chamber of Commerce
Chairman of thechamber Kalin Sarasin said the Joint Standing Committee on Commerce, Industryand Banking is revising this year’s economic growth forecast from a projected2.5-3 percent range because of fresh pressure of the virus outbreak on thecountry’s economic prospects.
In addition, thegreatest risk factor to Thailand’s economic growth is a delay in budgetdisbursement this fiscal year, he said.
TheUniversity of the Thai Chamber of Commerce (UTCC) estimates Thailand will lose80-100 billion THB (2.6-3.2 billion USD) in income, mainly from tourism, becauseof the virus outbreak. This downgrade should shave economic growth by 0.5-0.7percentage points this year, said the UTCC.
Thailand’s economy istaking on a new challenge as China’s ban on group tours to help contain thespreading virus is expected to take a toll on the Southeast Asian country’stourism industry, a key driver of growth.
China is Thailand’sbiggest source of foreign tourists with nearly 11 million visitors last year,up 4.4 percent from a year earlier. Chinese tourists spent about 18 billion USDin 2019, accounting for one third of the total spending of foreign visitors./.
Trade between Vietnam and China has plunged as the latter suspended imports of Vietnamese goods via the Lao Cai International Border Gate from January 30.
The Import-Export Department under the Ministry of Industry and Trade is keeping a close watch on the development of the coronavirus, urging firms to prepare for impacts of the epidemic on exports, especially shipments of agricultural products, to China.
Budget carrier Vietjet Air will suspend all flights from and to China from February 1 due to the spread of the novel coronavirus (nCoV), which originated from China’s Wuhan province in late December.
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The Ministry of Commerce reported that imports also rose 18% to 29.9 billion USD during the same period, resulting in a trade surplus of 1.1 billion USD. In May alone, Thailand posted a 4.6 billion USD trade surplus with the US and a 4.1 billion USD trade deficit with China.
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In March, Thai Prime Minister Paetongtarn Shinawatra met with Formula 1 chief Stefano Domenicali and said Thailand would commission a feasibility study into hosting a Grand Prix on a Bangkok street circuit from 2028.
Thailand's baht depreciates to the lowest level in seven months on January 3. (Photo: Reuters) 
