(Bloomberg) -- Thailand’s baht may be poised for a rebound as analysts bet that growth measures announced by newly appointed Prime Minister Srettha Thavisin will bear fruit.Most Read from BloombergChinese Gold Buying Is Driving a Paradigm Shift in BullionStocks Flash Recession Warning as Trouble Spreads to IndustrialsWells Fargo Preps for Wealth Battle After $1 Billion TurnaroundBond Market Faces Quandary After Fed Signals It’s Almost DoneUS to Keep a Distance From India-Canada Dispute, Signum’s
Strategists at Ebury and Societe Generale SA expect the nation’s currency to rally to 34 per dollar by year-end, which is more than 5% stronger than current levels. A stable baht in turn would support sovereign debt and ease pressure on local stocks, according to Krungsri Securities Co.
The Thai baht has fallen 2.8% in September to be the worst-performing currency in Asia, while the nation’s sovereign bonds have also underperformed. That’s due to concerns over additional government borrowing for measures including provision of some cost-of-living relief for Thai citizens announced by Srettha’s cabinet since he came to power last month.
Srettha, who is seeking to boost Thailand’s growth to 5% or higher during his term ordered a cut in retail prices of electricity and diesel, approved a moratorium on payment of interest and principal on loans taken by farmers and small businesses for a three-year period. The tourism-reliant nation also agreed to waive visa requirements for travelers from China and Kazakhstan for five months starting Sept. 25.
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