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Opinion

Thailand's battle to drive down currency will not end well

Southeast Asian haven should concentrate on boosting business, not bashing baht

| Thailand
Prayuth Chan-ocha at the Government House in Bangkok, pictured in June 2019: why not implement upgrades to make Thailand even more deserving of overseas investment?   © Reuters

As a former general, you might expect Thailand's Prayuth Chan-ocha to know a losing battle when he sees one. Perhaps not, as the prime minister prepares to throw the full weight of the government at currency speculators.

The baht's 9% rally in 2019 made it by far Asia's best-performing currency. A dubious honor, perhaps, for an economy as reliant on tourism and exports as Thailand. It is clear why Prayuth's team and the Bank of Thailand want speculators pushing up the currency to back off.

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