Thai baht hits four-year high, Thailand's central bank promises to stabilize exchange rate fluctuations.

After the Thai baht rose to a four-year high, the Bank of Thailand has promised to take measures to stabilize the baht exchange rate. The Thai Chamber of Commerce has urged the government and the central bank to take urgent action to minimize the impact of the baht's fluctuations on industries such as exports and tourism. The Thai baht reached its highest level since June 2021 on Tuesday, with a cumulative increase of about 8% so far this year. For trade-dependent Thailand, the soaring exchange rate is seen as a heavy blow, as the country is already dealing with the impact of a 19% tariff imposed by the United States on its exports. The strength of the baht also hinders foreign tourists from visiting, which is a major source of income for this Southeast Asian country. The Bank of Thailand stated that the baht is mainly driven by the weakness of the US dollar and the rise in gold prices. The promise to control drastic fluctuations in the exchange rate is consistent with the central bank's previous commitment to ensuring orderly operation of the foreign exchange market. Poj Aramwattananont, chairman of the Thai Chamber of Commerce, stated in a declaration on Tuesday that the recent surge in the baht is "the fastest and most dramatic increase in several years, inconsistent with Thailand's actual economic situation," and called for urgent action from the government and the central bank.