July 23, 2020 / 3:32 AM / 21 days ago

Thailand has not intervened in baht for trade advantage: central bank

FILE PHOTO: New baht banknotes featuring Thailand's King Maha Vajiralongkorn are unveiled during a news conference at Bank of Thailand headquarters in Bangkok, Thailand, July 3, 2018. REUTERS/Athit Perawongmetha

BANGKOK (Reuters) - Thailand has not intervened in the baht THB=TH for any competitive trade advantage and its foreign exchange transactions have been in line with rapid capital movements, the Bank of Thailand (BOT) said on Thursday.

The comments came after a media report and what the BOT referred to as speculation that Thailand could be added to a U.S. watch list for currency manipulation, along with Taiwan.

“The BOT does not manage the currency for the purpose of gaining unfair competitive advantage over its trading partners,” Assistant Governor Chantavarn Sucharitakul said in a statement.

“Moreover, intervention has been two ways depending on the intensity of the capital flows,” she said, adding the baht has also been moving both ways.

The baht eased to 31.65 per U.S. dollar on Thursday morning after hitting a week high of 31.50 on Wednesday.

The BOT had worked closely with the U.S. Department of the Treasury to promote better understanding of the BOT exchange rate management, Chantavarn said.

Bilateral discussions had focused on the global developments of financial flows, Thailand’s declining current account surplus, and efforts to promote more balanced capital flows in support of sustainable economic growth, she added.

Reporting by Orathai Sriring; Editing by Ed Davies

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