US DOLLAR / THAI BAHT Trading
The USD/THB currency pair combines the world’s most frequently traded currency pair in the United States dollar and one of the fastest-growing in the Thai Baht. In 1997, the USD/THB rate was pegged when Asia's financial crisis hit Thailand. The Thai Baht was subsequently floated and halved in value, but it has recovered gradually since then.
History of USD THB Trading
The USD dates back to 1792, when the United States Congress created the US dollar as the official country’s currency. It serves as legal tender in many countries, and it is the most widely used currency in the world both in circulation and reserve. The US dollar forms the majors as it pairs with all main currencies in the foreign exchange market (forex).
The Thai Baht (THB) has been the official currency of Thailand for centuries. The modern incarnation of the currency came in the early 20th century with the reforms of Chulalongkorn. King Rama V decimalised the Thai Baht, known as the Thai Tical by westerners. In 1997, the currency became the focus of economic observers as Thailand was the epicentre of the Asian financial crisis. It started after the Bank of Thailand was forced to abandon the Thai Baht pegging to the US dollar. This un-pegging caused the currency to collapse and instigated a wave of bankruptcies among Thai businesses who borrowed in dollars but earned revenues in Baht. After the 2014 coup-d’etat, the military government took full control of the country. The government issued a 20-year development plan in order to reach the goal of developed-economy status by 2037.
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