Principal Mutual Fund (formerly known as IDBI-Principal Mutual Fund) has entered into an alliance with The Shamrao Vithal Co-operative Bank for distribution of its products through the bank’s branc

Bangkok - The Thai baht hit a nine-month low against the dollar Wednesday, trading at 34.15 to the greenback, bank sources said.

The sharp decline in the currency was attributed to heavy buying of dollars by foreign banks in Thailand and importers, said the Kasikorn Research Center, a think-tank attached to Kasikorn Bank.

Like most Asian currencies, the Thai baht has steadily appreciated against the dollar, gaining almost 20 per cent over the past two years before starting to weaken in June in the wake of rising inflation, growing political instability, declines on the stock market and slowing growth projections.

Berlin  - Germany's key banking association added its voice Wednesday to the growing list of groups ruling out a sharp downturn in Europe's biggest economy this year.

Bangkok - Thailand's exports are expected to increase up to 20 per cent this year, after hitting 87.11 trillion dollars in the first six months, the Export-Import Bank of Thailand forecast Tuesday.

The bank's economic information department noted that Thailand's exports to new markets surged 31.1 per cent during the first half of 2008, the state-run Thai News Agency reported.

Exports to Africa rose 60.5 per cent, while those to Indochina, a group consisting of Cambodia, Laos and Vietnam, rose 57 per cent, and exports to Eastern Europe were up by 31.8 per cent.

The largest private bank of India ICICI Bank is planning to make more investment in the small and medium enterprises (SME) sector. It has decided to set up a $200 million (Rs 8 billion) private equity fund exclusively for SMEs.

The head of business banking of ICICI Bank Ltd, Sanjiv Sherawat said that the bank would make the investment within the next five to six months.