Baht unaffected by coup

0
473

BANGKOK, 23 May 2014 – The Bank of Thailand (BoT) reports that there have been no panic in the Thai foreign exchange market after the military junta seized power from the government while confirming that the market has stability. 

Central bank spokesperson Rung Mallikamas on Friday said the Thai foreign exchange market had been slightly affected by the power seizure at first and quickly depreciated by 23 Satang. Shortly after that the currency had rebounded to 32.48-32.57 baht/USD which was slightly lower than the values before the coup took place, she said.

However, Ms Rung said the central bank had to control the baht for stability of the financial market if the currency fluctuated too rapidly or was incongruous with the current economic situation.

As for stock markets, the index dropped 20.75 in Friday morning and expected that there might be some capital outflows during this period.