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Thai Baht shakes off political crisis
Last week, the Thai military usurped control of Thailand’s government while the Prime Minister was in New York attending a United Nations conference. Thailand’s currency, the Baht, immediately lost over 1% of its trade-weighted value, as analysts feared the military coup would harm Thailand’s economy. In the following week, the Baht retraced almost all of its losses, as the markets reacted positively to promises by the leader of the coup, that democracy would be returned to Thailand as soon as the Constitution could be rewritten. This episode was the most significant interruption to the Thai Baht in over a year, during which time the currency appreciated over 10% against the USD. The Globe and Mail reports:
Many analysts agree that King Bhumibol Adulyadej’s support of the coup and any timeline for fresh elections to restore democratic government will be key in determining when, or if, the Baht will recover.
Read More: Thai Baht hits currency markets
hai baht hits currency markets
Associated Press
Wednesday, September 20, 2006
TOKYO — The Thai baht fell against the dollar in Asia on Wednesday, dragging other regional currencies with it following a military coup overnight in Thailand.
Analysts said the Thai currency was likely to remain under pressure until signs of a political resolution in the wake of the overnight military coup are clear.
The dollar bought 37.70 Thai baht, up from 37.28 baht late the previous day but below a high in New York trading of 37.
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