The Thai baht is set to extend its rally as the lowering of Chinese travel restrictions buoys the outlook for tourist arrivals, helping propel Thailand’s growth this year to the highest in five years, the Thai Ministry of Finance said.
The baht is forecast to average 32.50 to one US dollar this year, stronger than the 36.68 the ministry predicted in October, officials said at a briefing in Bangkok yesterday.
The currency averaged 35.07 to one US dollar last year and tumbled to a 16-year low before staging a sharp recovery as a result of the US dollar’s weakening, along with an increase of foreign tourists after many COVID-19 travel curbs were scrapped.
Photo: EPA-EFE
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