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The Thai government has announced a range of measures aimed at weakening the Thai baht with a view to protecting its export-driven economy.
"The cabinet approved these measures to keep the baht from fluctuating so much," Commerce Minister Krirk-krai Jirapaet.
Thailand’s government has introduced the new measures on the back of an ever-strengthening baht which has recently hit 10-year highs against the US dollar.
The new measures have implications for the ordinary Thai citizen. They can now invest up to $100,000 in US dollar-denominated accounts, and send up to $1 million dollars to relatives living abroad.
While the Thai stock exchange is thriving this year, a veil of uncertainty surrounds the Thai economy in general following a coup last September.
While controversial Prime Minister Thaksin Shinawatra was visiting New York, a military junta took control of Bangkok. An army-backed government remains in control of the South East Asian state.
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Posted on Jul-23-2007
