The “Bangkok Shutdown”, a massive anti-government movement scattered in key intersections and areas, is underway, disrupting activities throughout the city and causing ripples across the overall economy.
Many banks announced closures, affecting branches of Krungthai Bank, LH Bank, Siam Commercial Bank, Bangkok Bank, Bank of Ayudhya and Kasikorn Bank in the protest areas. Retail complexes, including CentralWorld in the Rajprasong area, shortened their regular business hours.
The Bank of Thailand is currently operating from an emergency centre, and the Thai currency remained steady at 33 baht against the US dollar. However, prolonged political instability and the eruption of violence would add pressure to the currency, which, amid other factors, could weaken the baht to 34 against the dollar.
As for the stock market, shares weakened this morning, with the Stock Exchange of Thailand (SET) index dropping 6.42 points or 0.51 percent; in January alone, the index lost 3.3 percent. This morning, SET President Charamporn Jotikasthira also reassured investors that the exchange has implemented emergency plans, should protestors seize the premises during these times of turmoil.