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Baht Falls as Central Bank Cuts Growth Outlook

August 17, 2012 at 11:18 by Vladimir Vyun

H.M. King Bhumibol Adulyadej on 1,000-baht banknotesThe Thai baht fell today as Thailand’s central bank cut its growth forecast for this year, spurring fears that the external negative influences would overcome domestic economic growth.

The Bank of Thailand decreased its growth estimate for 2012 from 6 percent to 5.7 percent. The central bank has kept its key interest rate unchanged at 3 percent on its last policy meeting in an attempt to preserve economic growth. Analysts estimated, ahead of the official data on August 20, that Thailand’s economy expanded 3.1 percent in the second quarter.

USD/THB rose from 31.4750 to 31.5300 as of 11:18 GMT today, while the daily high was at 31.5800.

If you have any questions, comments, or opinions regarding the Thai Baht, feel free to post them using the commentary form below.

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