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Euro weakens to lowest since January

The euro fell as low as to $1.3157 versus the dollar on Friday, the weakest level since January 10, as a less-than-estimated LTOR repayment amount dented investor sentiment.

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Debt Crisis Long-Term Stability Strategies

The euro fell as low as to $1.3157 versus the dollar on Friday, the weakest level since January 10, as a less-than-estimated LTOR repayment amount dented investor sentiment.

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The disappointing repayment figures may indicate some banks are still relying heavily on the ECB funding. The 17-nation currency depreciated against the Japanese yen and British pound.

The European Central Bank said on Friday that some 356 regional banks will pay back €61.1 billion ($80.5 billion) of its second three-year loan borrowed under the second Longer Term Refinancing Operation (LTOR) a year ago as the first opportunity for early repayment opens on February 27. The reported amount represents just under 12% of a total €529 billion borrowed by 800 euro-zone banks last February from the ECB, and it is far smaller than consensus market expectations (around €130 billion).

Currencies

3 Reasons to Be Optimistic About the Baht Right Now

Probably one of the most important factors for the rise of the Baht is the continued weakness of the US dollar, which most experts agree is going to continue declining throughout the rest of the year.

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The Thai Baht, our beleaguered currency, has had something of a difficult few years. Successful debt and inflation crises have eroded the value of the Baht numerous times, not least the events of 2015-16, which saw the Baht plunge to some of the lowest levels against the Dollar in history.

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Banking

BoT warns against illegal use of Thai Baht-denominated Stablecoins

It has come to the Bank of Thailand’s attention that a new stablecoin, THT, has been created abroad on the Terra Platform.

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  ​Mr. Pruettipong Srimachand, Assistant Governor of the Legal Group, Bank of Thailand (BOT), has revealed that recent developments have seen the private sector attempting to create cryptocurrencies utilizing underlying assets or fiat currencies as an anchor to minimize price volatility. Such cryptocurrencies are known as stablecoins.

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Banking

Fitch confirms Thailand’s rating at ‘BBB+’ with a Stable Outlook

Thailand’s ratings are supported by strong public and external finances, which have provided buffers to respond to the economic shock and market volatility associated with the coronavirus pandemic.

Bahar Karaman

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Fitch Ratings – Hong Kong – 29 Oct 2020: Fitch Ratings has affirmed Thailand’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at ‘BBB+’ with a Stable Outlook.

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