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Baht’s current slide is a grim reminder of its crash 25 years ago

14 Sept 16:58 Key points summarised by AI

The Thai Baht recently plummeted to a five-year low against the dollar, drawing parallels to its historic crash during the 1997 Asian financial crisis.
This current weakening is primarily driven by the severe decline of Thailand's crucial tourism sector due to the pandemic, exacerbated by global inflation, supply disruptions from the Russia-Ukraine war, and a widening current account deficit.
The Bank of Thailand (BOT) is actively intervening in the market using its substantial foreign exchange reserves and plans gradual interest rate hikes to stabilize the currency and combat inflation, while also addressing the impact of a strengthening US dollar and volatile cryptocurrencies.
Thailand faces significant fiscal challenges, with the government borrowing heavily and raising its public debt-to-GDP ratio to manage the economic fallout, necessitating a delicate balance between currency stability and supporting a recovering economy.

Yesterday 15:20 Key points summarised by AI

Thailand's Prime Minister Anutin Charnvirakul initiated a nationwide crackdown on illegal Thai nominee shareholders in foreign-run businesses and land holdings to safeguard national interests.
The government will integrate efforts across all relevant agencies to target illicit foreign operations, forced sales of illegally acquired property, and high-risk land ownership schemes.
Key strategies include auditing suspect land and building holdings, establishing a long-term monitoring system, and cross-referencing data from various authorities to trace ultimate beneficial owners.
Prime Minister Anutin emphasized that no influential figures or corrupt officials are above the law, promising straightforward prosecution, asset seizures, and protection for enforcing officers.
Beyond land ownership, the integrated crackdown will also extend to tackle transnational crimes, including drug and human trafficking.