The Thai Baht has fallen close to a four-year low against the Pound after the Thai government declared a state of emergency in Bangkok and as unemployment in the UK fell more than forecast.
A string of shootings and bomb attacks in the Thai capital has caused under fire Prime Minister Yingluck Shinawatra to declare a state of emergency in the troubled capital. Attacks against anti-government have escalated and protesters are threatening to disrupt snap elections due to held at the start of February.
Investors have grown increasingly concerned over the ongoing protests and now that things have taken a darker twist many have opted to withdraw from the country. The Thai army has said that it is ready to intervene if the violence escalates.
“If the violence reaches a level that cannot be healed and the army has to solve the situation, we will do our best to protect the country through an appropriate way. We may not move towards violent means, which could worsen the situation,” said Army Cheif Prayuth Chan-Ocha.
Since protests began last October the Baht has tumbled by 5.4% against the US Dollar and weakened significantly against other major peers. Nine people have been killed since the protests began.
Despite the ongoing troubles the Bank of Thailand chose to maintain interest rates at 2.25% citing that the political situation will only pose a short-term risk to the nation’s economy.
Thai Baht Exchange Rates
[table width=”100%” colwidth=”50|50|50|50|50″ colalign=”left|left|left|left|left”]
Currency, ,Currency,Rate ,
Pound Sterling,
,Thai Baht,54.139 ,
US Dollar,,Thai Baht,32.893 ,
Australian Dollar,,Thai Baht,29.205 ,
Canadian Dollar,,Thai Baht,30.001 ,
[/table]
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