Baht plunges after Pheu Thai politician made BoT chairman

Quick Summary:

The baht is on course to slip below the key resistance level of 35 to the US dollar after depreciating sharply since government aide Kittiratt Na-Ranong was named the new Bank of Thailand board chairman, raising doubts over the central bank's autonomy, say analysts.

Mr Kittiratt, from the ruling Pheu Thai Party, has been a vocal critic of the central bank's hawkish monetary policy.

The prospects of high tariffs under his administration could keep US inflation high, prompting the Federal Reserve to slow the pace of interest rate cuts next year, although the central bank might trim the rate again at its December meeting, she said.

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Article Details

Category: EconomyBusiness

Markets: ThailandSouth KoreaMalaysia

Topics: Baht Weakened Bank Research Dollar Trump Central Decline Thai Kittiratt Factor

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-14 @ 05:49:00 (5 hours ago)

News Timezone: GMT +8:00

News Source URL: bangkokpost.com

Language: English

Article Length: 524 words

Reading Time: 3 minutes read

Sentences: 16 lines

Sentence Length: 33 words per sentence (average)

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Copyright Owner: © Bangkok Post

News ID: 23577718

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