The baht is emerging as an unlikely haven in developing Asia as optimism about the nation’s tourism sector buoys inflows.
The region’s worst-performing currency in 2021 has vaulted to the top of the rankings this year on bets that a quarantine-free visa programme will kick-start the travel industry. That’s limiting the fallout from geopolitical risks and expectations for aggressive US rate hikes.
The baht’s strength is in marked contrast to the losses recorded by most of its regional peers this year, and should allay the central bank’s fears of excessive volatility which could hurt growth. Thai stocks and bonds have reeled in $6.2 billion in 2022, exceeding…
