Xe is stating a 34.005 so they have obviously set a 34 line in the sand.. they dont have reserves to fight speuclators in the short term tho IMO.. But as said they can print the currency away.. Expect even more rampant inflation in that case.
A good point from Chuck at KitcoCasey
Kitco Casey - Gold, Silver and Natural Resource Stock Quotes, Share Research and Analysis
Quote:
And what's going on with Thai baht? The currency moved stronger vs. the dollar by one whole baht overnight, to the highest level vs. the dollar since 1997! Basically, the Thai Gov't is finding out that their "currency controls" that they placed on the baht a month ago has caused a currency shortage, and when you're short something, it costs more to buy it, right? You bet your sweet bippie that's right!
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Also they introduced currency controls and then realized Thai companies could borrow and finance.. DOH SLAP !!! Another quickly papered over 'exemption' to the badly thought out and implemented rules.. Thailand has become a bit of a whipping boy in the newsletters for miss management since the junta came in.