The political protests in Bangkok have sent the Thai baht tumbling to a 12-year low against the Singapore dollar. While tourists to the country might be smiling, Singapore firms with operations in Bangkok are starting to feel the heat.
Uncertainty over the economy in the light of the demonstrations has driven down the baht about 0.54 per cent since last Friday, leaving it at around 25.57 to the Singapore dollar last night.
Those with retail operations in Bangkok, including food and beverage chain Paradise Group, which opened a franchise in Siam Paragon shopping mall in September last year, have also seen a fall in the number of customers.
A Paradise spokesman told The Straits Times that “the protests have led to slower human traffic, which resulted in a drop in revenue”. The outlet, which is the company’s first in Thailand, employs about 50 staff.
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Thai baht plunges against Singapore dollar as tensions escalate
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