Thailand central bank unfazed by US currency watchlist inclusion

(MENAFN – Gulf Times) The Bank of Thailand has responded to the US decision to keep the nation on watch for currency manipulation by asserting it has stepped into the market only to curb volatility in the baht.
The central bank is committed to exchange-rate flexibility, with ‘interventions limited only to curbing excessive volatility and rapid movements of the baht on both sides, Assistant Governor Chantavarn Sucharitakul said in a statement yesterday, adding that ‘Thailand has never used the exchange rate as a tool to gain an unfair trade advantage.
Thailand was among 11 countries on the Treasury’s monitoring list announced on Friday, as it meets two of the three relevant criteria. The country has a trade surplus of more than $20bn with the US and a current account surplus in excess of 2% of gross domestic product. The Biden administration’s…