It’s no secret that Malaysians love to go to Thailand, as can be seen by the 100,000 Malaysians travelling north of the border to Southern Thailand during the recent Hari Malaysia and Maulidur Rasul long weekend.
Well, we may see even more tourists from our country going to Thailand in the near future thanks to the Malaysian Ringgit’s recent strong performance coupled with the Thai Commerce Minister Pichai Nairpthaphan’s recent statement that the Thai Government is planning to arrest the Thai Baht’s appreciation.
Thai Commerce Minister says the Baht is “too strong” and wants its appreciation arrested
Pichai Nairpthaphan
As reported by the Thai-based publication PBS, there has been growing tension between the Commerce Minister and the country’s central bank, the Bank of Thailand, on key decisions for the Kingdom’s economy.
Pichai recently criticised the Bank of Thailand Governor Sethaput Suthiwartnarueput for the latter’s remark saying that Thailand shouldn’t place too much emphasis on increasing GDP.
The Thai Commerce Minister was quoted as saying that the Thai Baht is currently “too strong” and urged the Bank of Thailand to come up with measures to stop the baht from further increasing value as it’s affecting exports.
Sethaput Suthiwartnarueput
He added that due to Baht’s strong performance against the US Dollar, the country is expected to post only small growth this year.
Pichai further urged the Bank of Thailand to cut interest rates to increase liquidity to put the country in a better position to compete in the world market.
Malaysian tourists to Thailand would benefit from a weaker Thai Baht
For illustration purposes
Arresting the Baht’s appreciation would definitely entice foreign tourists to spend in the country too, with Malaysians definitely being 1 of the main contributors.
According to the Malaysian Ringgit to Thai Baht exchange rate obtained on XE.com on 17 September, MYR1 is now worth THB7.77.
The Ringgit saw its best performance in a year on 6 August 2024, with MYR1= THB8.02.
So, what do you guys think of the whole situation? Share your thoughts with us in the comments.
Also read: 100,000 M’sians ‘Celebrate’ Hari Malaysia in Thailand, Contributing RM129.5 Million to Thai Economy
