The last few days have seen carnage in Thailand’s currency and stock markets following reports that the King’s condition was unstable on Sunday. But the news that the world’s longest reigning monarch has died this morning has prompted a buying panic in stocks and the Baht.
Thai King Bhumibol Adulyadej, the world’s longest reigning monarch, has died, according to an announcement from the palace. He was 88.
Bhumibol has been a symbol of unity in Thailand, which had 10 coups during his seven-decade reign. He had been ill for years, making limited public appearances and spending most of his time in the hospital.
Thailand’s stock market and the baht have fallen this week after the royal palace said Sunday the king’s condition was unstable. Prime Minister Prayuth Chan-Ocha’s government had earlier urged citizens not to panic over rumors circulating on social media.
But it appears the “relief” rally now that he has died is well underway…
Crown Prince Maha Vajiralongkorn, 64, is the king’s only son and heir apparent. While his father is beloved for his royal works, Vajiralongkorn doesn’t have the same adulation.
One has to wonder whether the Thai central bank stepped in here to manage the hysteria?
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