Many analysts believe that there is a strong geopolitical impetus in the current policy being pursued by the Federal Reserve in Washington DC which may mean further tough medicine being dished out which is negatively impacting emerging economies. Thailand’s economy has been protected from this to a great extent, by its stable financial system and healthy foreign exchange reserve buffer. In the last few months, however, this has been falling and may be needed in 2023 as economic turmoil across the world, driven by the war in Ukraine and rising US-Chinese tensions may be only beginning.

https://www.thaiexaminer.com/thai-news-foreigners/2022/10/06/warning-on-foreign-exchange-reserves/

 ...