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Thai baht becomes fastest-growing currency in Asia

Thai baht surpassed others in Asia to rise by 4 percent against US dollar as of late February, and is predicted to be one of the best-performing currencies in the region.
Thai baht becomes fastest-growing currency in Asia ảnh 1Illustrative image (Source: Reuters)
Bangkok (VNA) – Thai baht surpassed others inAsia to rise by 4 percent against US dollar as of late February, and ispredicted to be one of the best-performing currencies in the region.

The Thai economic growth figure, announced on the media onFebruary 18, is believed to be behind the baht value hike. The currency islikely to maintain its top spot at least in the first quarter this year.

An expert at Tokyo’s Mizuho bank said strong bahtperformance is a result of basic economic indexes, including surplus indeposits. It shows that the currency is less vulnerable to impacts of the US –China trade war compared to those in the Republic of Korea and Taiwan (China).

According to monetary analysts, Thailand is less hurt byrecession in the technological field than the RoK and Taiwan, making its bahtmore attractive.

Additionally, the recovery of tourism, which contributes 20percent to the gross domestic product, also fueled the baht value.-VNA
VNA
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