Thai currency appreciates to 26-month-record-high

16:40, September 01, 2010      

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Thai baht on Wednesday morning strengthened at 31.21 baht per U.S. dollar, hitting a 27-month- record-high since 2008 May.

Baht's value continued going upward in the past month, with August 9 registered a record of 31.93/98 baht to the U.S. dollar and August 26, 31.44/45.

According to Bangkok Post online, Prime Minister Abhisit Vejjajiva will call a meeting with the Council of Economic Ministers on Thursday morning to discuss measures to tackle the baht's appreciation.

Commenting when baht's value reached its previous record on August 9, Finance Minister Korn Chatikavanij attributed the appreciation to the country's high export growth and economic expansion, as well as a higher demand for the Thai currency than for the U.S. dollar.

The Bank of Thailand will fine-tune its handling of the baht's appreciation and the private sector should be more prepared, the minister said.



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