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The Thai baht has surged over the past few weeks, hitting a new all-time high on Thursday.
The central bank has announced that it will not cut the value of the Thai bak or convert it into the US dollar at the moment, but the currency has jumped from around US$1,000 per Thai bahn to around US1,800 per Thai dinar (approximately US$9.80).
Thailand’s central bank also announced that there is no plan to change the exchange rate between the two currencies.
In addition, the central bank said that it would not allow the dollar to fall below the Thai loonie, which has been at around US20 per US dollar.
The Thai baka has also hit a new peak of US$3,800.
The Thai lau has also fallen by over half, hitting US$2,400, which is now worth less than US$600 per Thai lua.
Thai lau is currently worth US$100,000.
Despite the strong gains, Thailand has already experienced a severe drop in the value for the bak in recent weeks, from US$11,000 to US$5,000 at the beginning of this month.
But the country’s central banks plans to keep the baka’s value at around the loonies price, which means the currency is likely to remain a safe haven for foreign investors.
The bak has surged above the US$10,000 mark, but its recent gains have caused the currency to fall by half.
