maxman71 Posted January 25, 2007 Share Posted January 25, 2007 As anticipated and totally unannounced the BOT is no longer supporting the baht at 36This has not been made public but the rates offered for the dollar and thus all currencies have fallen steadily today . The BOT has lowered their support and allowed the baht to rise steadily in five satang increments. and it has now reached 35.70 . Whether they will draw a new line in the sand at this rate or allow the rate to increase steadily later today I dont know but I am not waiting to find out but am now going out to buy baht before it reaches its true market rate of 34.80 . Update to follow later in the day The US$ is in a long term downtrend. Why the THB has appreciated more than all other currencies in 2006 vs. the US$, I don't know. The bigger picture is that the US has major issues with overall debt, balance of trade, social security programs, etc. China has about a trillion US$'s in reserve and is looking to diversify into other investments. Look for gold to go up; the Chinese are buying it. I consider myself lucky for having moved a good chunk of US$'s into THB when the THB was 41 to the US$. I think the THB is trending towards it's historical pre-1997 Asian financial crisis range of 22-30 THB to the US$. Link to comment Share on other sites More sharing options...
old wanderer Posted January 25, 2007 Share Posted January 25, 2007 This is absolutly kicking my butt....I have a baht 4,000,000 payment to make in mid April, and I am stuck in USA dollars here at home. Just last night I was explaining to my Thai wife, how a single 1 baht difference in exchanging dollars for baht meant almost $3000 differerence in what we were paying.... Yes I will complete my puchase, but when we signed the agreement the baht was at 38. ###### who would have thunk???? Link to comment Share on other sites More sharing options...
cclub75 Posted January 25, 2007 Share Posted January 25, 2007 An explanation for the moves and the difference of values between on and off shore markets. http://www.kitcocasey.com/displayArticle.php?id=1188 "And what's going on with Thai baht? The currency moved stronger vs. the dollar by one whole baht overnight, to the highest level vs. the dollar since 1997! Basically, the Thai Gov't is finding out that their "currency controls" that they placed on the baht a month ago has caused a currency shortage, and when you're short something, it costs more to buy it, right? You bet your sweet bippie that's right!" Link to comment Share on other sites More sharing options...
britmaveric Posted January 25, 2007 Share Posted January 25, 2007 An explanation for the moves and the difference of values between on and off shore markets.http://www.kitcocasey.com/displayArticle.php?id=1188 "And what's going on with Thai baht? The currency moved stronger vs. the dollar by one whole baht overnight, to the highest level vs. the dollar since 1997! Basically, the Thai Gov't is finding out that their "currency controls" that they placed on the baht a month ago has caused a currency shortage, and when you're short something, it costs more to buy it, right? You bet your sweet bippie that's right!" So start printing more dosh...................flood market with Thai Baht. Link to comment Share on other sites More sharing options...
falux Posted January 25, 2007 Share Posted January 25, 2007 It's a fantasy world, there are no way the baht is worth that kind of real money. It'll come crashing down some day, for sure! Americans print dollars just as they need them. Result? The dolllar is getting worthless. Amazing, huh. Link to comment Share on other sites More sharing options...
SanukJoe Posted January 25, 2007 Share Posted January 25, 2007 This is absolutly kicking my butt....I have a baht 4,000,000 payment to make in mid April, and I am stuck in USA dollars here at home. Just last night I was explaining to my Thai wife, how a single 1 baht difference in exchanging dollars for baht meant almost $3000 differerence in what we were paying.... Yes I will complete my puchase, but when we signed the agreement the baht was at 38. ###### who would have thunk???? I agree with you, I'm in the same position. I just stuck my euro in my bank account until things will go better. It's not a USD problem, it affects all currencies. I opened a thai baht account in my bank just to save some money, I will keep euro until baht is back to normal. Joe Link to comment Share on other sites More sharing options...
watchoutfarang Posted January 25, 2007 Share Posted January 25, 2007 I moved 5 milion baht to LOS last year at 71.36 to the pound for the purchase of a condo. For many reasons the condo sale fell through and I have had to move out of the country for the time being. My money is in a high interest acccount in Thai Baht and intend moving it out of Thailand in April - looks like I might make some money?? Cheers Watchoutfarang Link to comment Share on other sites More sharing options...
hardy1943 Posted January 25, 2007 Share Posted January 25, 2007 This is absolutly kicking my butt....I have a baht 4,000,000 payment to make in mid April, and I am stuck in USA dollars here at home. Just last night I was explaining to my Thai wife, how a single 1 baht difference in exchanging dollars for baht meant almost $3000 differerence in what we were paying.... Yes I will complete my puchase, but when we signed the agreement the baht was at 38. ###### who would have thunk???? I agree with you, I'm in the same position. I just stuck my euro in my bank account until things will go better. It's not a USD problem, it affects all currencies. I opened a thai baht account in my bank just to save some money, I will keep euro until baht is back to normal. Joe Absolutely right, it affects all, US Dollar, Euro, Pound and a real nose dive is the YEN Link to comment Share on other sites More sharing options...
Khun Bob Posted January 25, 2007 Share Posted January 25, 2007 (edited) Who knows things may change tomorrow - the last 4 months are the best thai soap opera I have ever seen, its not made up and its not over yet (till the som tam lady sings...) Still an extended period of strong baht may put even more pressure on a fragile political environment http://www.advfn.com/p.php?pid=staticchart...;dm=0&vol=0 http://www.advfn.com/p.php?pid=staticchart...;dm=0&vol=0 Edited January 25, 2007 by Khun Bob Link to comment Share on other sites More sharing options...
greenwood Posted January 25, 2007 Share Posted January 25, 2007 4 Years ago when I 1st started travelling to Thailand, we were getting well over the 30baht for 1 x Aussie Dollar, just checked this morning and it was only 26.34 baht per dollar. Like any other currency, it is a big drop. It could have a big affect on tourism if it keeps going that way Link to comment Share on other sites More sharing options...
Artisan Posted January 25, 2007 Share Posted January 25, 2007 I moved 5 milion baht to LOS last year at 71.36 to the pound for the purchase of a condo. For many reasons the condo sale fell through and I have had to move out of the country for the time being. My money is in a high interest acccount in Thai Baht and intend moving it out of Thailand in April - looks like I might make some money??Cheers Watchoutfarang As a non-resident, you qualify for interest on your savings? Which bank is that? Link to comment Share on other sites More sharing options...
britmaveric Posted January 25, 2007 Share Posted January 25, 2007 Good News - rise has been rather quickly, so likely hood of a sharp drop is equally good. Link to comment Share on other sites More sharing options...
Demodokos Posted January 25, 2007 Share Posted January 25, 2007 My money is in a high interest acccount in Thai Baht and intend moving it out of Thailand in April - looks like I might make some money??Cheers Watchoutfarang What is high interest account in thailand? How much interest is it? Link to comment Share on other sites More sharing options...
yoshiwara Posted January 25, 2007 Share Posted January 25, 2007 spawn of the 1997 vultures are back in town and LOS is again perceived as the Tiger economy financial weak link for some frenzied shoving. this time the result may be some unwanted social disturbance. batten down the hatches. 2007 is going to be a rough ride. Link to comment Share on other sites More sharing options...
endure Posted January 26, 2007 Share Posted January 26, 2007 English only please. The correct place for Thai script is in the Thai language forum. Link to comment Share on other sites More sharing options...
bkkandrew Posted January 26, 2007 Share Posted January 26, 2007 (edited) Good News - rise has been rather quickly, so likely hood of a sharp drop is equally good. Nonsensical, baseless comment. Typical of the poster, who I have cautioned over making simplistic comments recently... It would seem that GBP and USD has had a bad day against a basket of currancies worldwide. Caught me by suprise as I was on the golf course, bloo*y freezing one at, being in the that UK this week... THB in particular seems to be suffering an abnormal positition, possibly down to the currency controls that can (perversely) cause stockpiling of currency by individules/corporations/institutions that can, in turn, cause undue appriciation of the affected currency. The result is that Britmaverik may turn out to be right, but without any idea why... Edited January 26, 2007 by bkkandrew Link to comment Share on other sites More sharing options...
endure Posted January 26, 2007 Share Posted January 26, 2007 Can the personal insults please. Link to comment Share on other sites More sharing options...
dman Posted January 26, 2007 Share Posted January 26, 2007 I moved 5 milion baht to LOS last year at 71.36 to the pound for the purchase of a condo. For many reasons the condo sale fell through and I have had to move out of the country for the time being. My money is in a high interest acccount in Thai Baht and intend moving it out of Thailand in April - looks like I might make some money??Cheers Watchoutfarang As a non-resident, you qualify for interest on your savings? Which bank is that? Not sure what you mean by non-resident. I believe we are all non-residents, only difference is some are allowed to stay a little longer than others. But back to the point. I dont know what high interest is, but I keep my stash for my yearly retirement visa in a short term deposit account (7 month) at 4.75%. sorry at the moment cannot remember the name of the bank in CR. Kasikorn? Anyway sent the wife out shopping to find the best rate she could get and this was it. Only snag is I had some difficulty at immigration Mai Sai last November for my rearly Ret visa. Seems they did not like the term deposit thing, even though the money had been in the bank/country unbroken for over 5 years. BTW: I always get a laugh when I hear people say I told you so about money rates and stock market going up or down. Truth is you have about the same chance of predicting events in the market by throwing a dart at it than listening to the so called experts. IMHO. I lived and worked through the dot com boom in the US, and yes made some money,, but only by sheer luck did I get out before the house of cards fell. If you have a house to buy, buy it. dont try to time the market to save a few grand. Not worth the aggro. Link to comment Share on other sites More sharing options...
pap Posted January 26, 2007 Share Posted January 26, 2007 Ouch Update : Pound sterling down from 71 to 69.5 or even less.(APPROX) To show the frantic nature of whats been going on at the Thai banks see below the times one major bank revised their rates this morning . Five rate revisions in a morning is quite something. January 25, 2007 14:44 Unit: Thai Baht 08:30 09:34 11:58 12:36 13:17 A word of advice : Too late now to use the N/W card to get their posted rate of 71 but try it if you like. I sincerely hope many Thaivisa readers saw my numerous earlier postings advising they buy baht. It was neither a speculation or a gamble but bound to happen sooner than later. Of course its speculation. I remember seeing people say similar things as what you said before the Asian market crisis about multiple currencies. You only know with certainty after a price is reached. That doesn't mean you can't be educated and play the odds or read the signs. There were many signs it would move to this range for a while. There are also signs it is nearing a peak and that if you wanted a sure thing you should have bought baht when it was at 42. It definitely is not a sure thing buying it at 34. Play small bounces can go against you easily. Equities markets tend have better returns over the long haul. Anyone looking at currency investing should be well diversified in other investments FIRST. Link to comment Share on other sites More sharing options...
gdhm Posted January 26, 2007 Share Posted January 26, 2007 Jeez how much worse can it get for Americans! Well, now that I'm living here on a $U.S. pension...I'm sure it will get much worse. This sucks. Murphy's Law... Its NOT just the US affected. Look at what happened to the Euro and UK pound yesterday as well. They too were badly hit. My UK Private pension was around 52, baht 24th Jan and worth 50.452 baht 25th Jan yesterday afternoon. The drop, had I managed to sell my Spanish home yesterday, would have cost me over 300,000 baht on a 130,000 Euro sale compared to the day before. For once I am happy it was not sold . Regards, Dave Link to comment Share on other sites More sharing options...
danone Posted January 26, 2007 Share Posted January 26, 2007 the baht wont give in substantially. offshore it made a huge jump already in the night of the 19th-20st jan. onshore it remained stable. but whoever has to transfer money just do it. the baht trend right now and for the forseeable future is against all odds. lost quite a lot of money with a final payment i had to make last week. but then again - its mainly a paper loss, isnt it. expect the baht within this year to trade between 33.50 and 37.50. if you're covered for that range, you will be fine. Link to comment Share on other sites More sharing options...
pap Posted January 26, 2007 Share Posted January 26, 2007 As an individual you should only be investing in foreign currencies or foreign countries as part of diversifying your portfolio's. As a company your criteria is different. Link to comment Share on other sites More sharing options...
Artisan Posted January 26, 2007 Share Posted January 26, 2007 I moved 5 milion baht to LOS last year at 71.36 to the pound for the purchase of a condo. For many reasons the condo sale fell through and I have had to move out of the country for the time being. My money is in a high interest acccount in Thai Baht and intend moving it out of Thailand in April - looks like I might make some money??Cheers Watchoutfarang As a non-resident, you qualify for interest on your savings? Which bank is that? Not sure what you mean by non-resident. I believe we are all non-residents, only difference is some are allowed to stay a little longer than others. Haven't you heard of a "Residence Permit"? Anyway, "non-resident" is the phrase that the banks here use and that's how they define those of us who do not qualify for interest. Have a look at the table of interest rates in a bank and you'll see what I mean. Link to comment Share on other sites More sharing options...
bdenner Posted January 26, 2007 Share Posted January 26, 2007 All I can do is thank the Imm Dept for introducing the 3 month rule. I topped up late Dec for a April visa extension. With all this volitility and uncertinety at least I can sleep. May be right or wrong but I'm happy with 28.00 Baht to the AUD at the time. Link to comment Share on other sites More sharing options...
danone Posted January 26, 2007 Share Posted January 26, 2007 Haven't you heard of a "Residence Permit"? Anyway, "non-resident" is the phrase that the banks here use and that's how they define those of us who do not qualify for interest. Have a look at the table of interest rates in a bank and you'll see what I mean. what a/c you have? with my savings a/c at kasikorn i get 0.75 percent. thai nationals get the same rate. i got permanent residency, but that obviously doesnt make any difference with this. they changed that old interest law excluding foreigners from interest some years ago. perhaps you want to call your bank - or am i missing sth? Link to comment Share on other sites More sharing options...
Neeranam Posted January 26, 2007 Share Posted January 26, 2007 My UK Private pension was around 52, baht 24th Jan and worth 50.452 baht 25th Jan yesterday afternoon. OMG how will you ever survive? Link to comment Share on other sites More sharing options...
BlackArtemis Posted January 26, 2007 Share Posted January 26, 2007 Thank god I don't rely on my USD and I make baht as a teacher. But personally (and I may be very wrong) The ones who are hit are the ones looking at the 4m Baht payments and pensions etc. But to tourists it is still super cheap. Bringing over 1-2 thousand USD for a 3week vacation is not going to have a huge effect. I mean it's still much cheaper to come to Thailand than any European country for us Americans. But yeah, I was hoping to buy land this year, I don't know if that is going to happen now... Link to comment Share on other sites More sharing options...
pachooon Posted January 26, 2007 Share Posted January 26, 2007 The rate (USD/THB) on Yahoo was down to 33.8 this morning... Link to comment Share on other sites More sharing options...
phuketrichard Posted January 26, 2007 Share Posted January 26, 2007 Haven't you heard of a "Residence Permit"? Anyway, "non-resident" is the phrase that the banks here use and that's how they define those of us who do not qualify for interest. Have a look at the table of interest rates in a bank and you'll see what I mean. what a/c you have? with my savings a/c at kasikorn i get 0.75 percent. thai nationals get the same rate. i got permanent residency, but that obviously doesnt make any difference with this. they changed that old interest law excluding foreigners from interest some years ago. perhaps you want to call your bank - or am i missing sth? I have a regular savings account at Bangkok bank and get .75% On a 1 year time deposit of 1,000,000 or more they pay 4.25% I am on a retirement extension. I had heard that the money in the bank for your yearly extension is money that your to be living on so money in a fixed account does not quailfy as your not living on it. Link to comment Share on other sites More sharing options...
topfield Posted January 26, 2007 Author Share Posted January 26, 2007 This topic is now OUT OF DATE . No longer factual Events have overtaken it. [if it were allowed would delete !!] Link to comment Share on other sites More sharing options...
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