Thailand’s commerce minister, Pichai Naripthaphan, clarified Thursday that the baht’s exchange rate will not be included in trade negotiations with the United States, citing the currency’s current strength.
The comments come as Thailand attempts to secure lower U.S. tariffs, facing a potential 36% duty if no agreement is reached before a July deadline.
While the U.S. has scrutinized countries accused of currency weakening, current baht levels have shifted focus elsewhere. The commerce minister said a softer baht, in the range of 36–37 per dollar, would benefit Thai exporters, especially in key sectors like agriculture.
On Thursday, the baht traded at 32.6 per dollar, up about 5% year-to-date.
Pichai expressed hope that the next central bank governor will adopt a more competitive exchange rate policy to align the baht with regional peers. A candidate shortlist for the new Bank of Thailand chief is expected by July 2.
Despite recent downward adjustments to the 2025 economic growth forecast by the state planning agency to 1.3% to 2.3%, the minister suggested his optimism that GDP will surpass 2% this year.
