Jump to content

Thai central bank says to monitor speculation amid rapid baht gains


Recommended Posts

Posted

Thai central bank says to monitor speculation amid rapid baht gains

 

2019-06-20T105938Z_1_LYNXNPEF5J0UC_RTROPTP_4_THAILAND-ECONOMY-RATES.JPG

FILE PHOTO: A view of the Bank of Thailand in Bangkok, Thailand April 26, 2016. REUTERS/Jorge Silva/File Photo

 

BANGKOK (Reuters) - Thailand's baht has risen faster and more than regional peers over the past two weeks, driven by domestic and external factors, a central bank official said on Thursday, as the baht hit its highest level in nearly six years against the U.S. dollar.

 

The central bank will closely monitor the situation and any transactions aimed at using Thailandas a place for short-term speculation in the Thai currency, Assistant Governor Vachira Arromdee said in a statement.

 

If the baht continues to appreciate faster than the currencies of its trade partners and competitors, it may not be in line with Thailand's economic fundamentals and will affect the economy and adjustments of business operators, she said.

 

Going forward, external factors will still be difficult to predict and will continue to influence emerging currencies, Vachira said.

 

The baht traded at 30.96 per U.S. dollar on Thursday, having strengthened about 5.1% against the greenback so far this year, becoming the best performing currency in Asia.

 

(Reporting Orathai Sriring; Editing by Jacqueline Wong)

 

 

reuters_logo.jpg

-- © Copyright Reuters 2019-06-21
  • Sad 2
  • Haha 1
Posted
Thai central bank says to monitor speculation amid rapid baht gains
 
2019-06-20T105938Z_1_LYNXNPEF5J0UC_RTROPTP_4_THAILAND-ECONOMY-RATES.JPG.0a1a4b0eee08aa6a5a2eca10f0c1ec7b.JPG
FILE PHOTO: A view of the Bank of Thailand in Bangkok, Thailand April 26, 2016. REUTERS/Jorge Silva/File Photo
 
BANGKOK (Reuters) - Thailand's baht has risen faster and more than regional peers over the past two weeks, driven by domestic and external factors, a central bank official said on Thursday, as the baht hit its highest level in nearly six years against the U.S. dollar.
 
The central bank will closely monitor the situation and any transactions aimed at using Thailandas a place for short-term speculation in the Thai currency, Assistant Governor Vachira Arromdee said in a statement.
 
If the baht continues to appreciate faster than the currencies of its trade partners and competitors, it may not be in line with Thailand's economic fundamentals and will affect the economy and adjustments of business operators, she said.
 
Going forward, external factors will still be difficult to predict and will continue to influence emerging currencies, Vachira said.
 
The baht traded at 30.96 per U.S. dollar on Thursday, having strengthened about 5.1% against the greenback so far this year, becoming the best performing currency in Asia.
 
(Reporting Orathai Sriring; Editing by Jacqueline Wong)
 
 
reuters_logo.jpg&key=a71a0ca278f8bd2b683eea1e5be55e00d3963b1b928af95302d5caedb94709ce
-- [emoji2398] Copyright Reuters 2019-06-21 Follow Thaivisa on LINE for breaking Thailand news and visa info
Dollar weakness

Gesendet von meinem SM-N950F mit Tapatalk

  • Like 2
  • Confused 1
  • Sad 2
Posted (edited)

external factors, lol

 

The external factor here being people that want to invest outside of their country.

Edited by rwill
Posted
15 minutes ago, watcharacters said:

 

Wonder how the Chinese afford more expensive?

 

 

Yuan against Baht has been relatively stable since being fully convertible 6-7 years ago. 

Posted

Are people setting up a carry trade in THB to USD? I know it was popular with the Japanese Yen to USD for a very long time. Something is fishy here. Thailand economic fundamentals do not indicate a STILL strenghtening THB after their dropoff in Exports.

  • Like 2
Posted (edited)
2 hours ago, jaiyen said:

And because the Baht is high the A$ exchange rate is so bad we can"t afford to go to Thailand for a holiday or visit family. Cheaper to be here in Perth. Nearly everything is more expensive in Thailand. It will affect the tourism market, except for the Chinese !

Chinese tourist numbers are steadily declining. 

Edited by Bluespunk
  • Like 1
Posted

This must be hammering Thai exports,and hitting farmers hard. Also many ex-pats have seen massive falls in their pensions,it must also be hitting the general Thai people.

 Recentley some of my friends who have a bit of money here have been talking about sending baht to UK/Australia,given the parlous exchange rates on both those countries currencey .

  • Thanks 1
Posted
4 hours ago, jaiyen said:

And because the Baht is high the A$ exchange rate is so bad we can"t afford to go to Thailand for a holiday or visit family. Cheaper to be here in Perth. Nearly everything is more expensive in Thailand. It will affect the tourism market, except for the Chinese !

 It will affect the tourism market, except for the Chinese !....Why The Chinese Hardly Spend Faaarrkk All !!

Posted

The rich elitist Thais can afford more goods/investments outside the country while the struggling farmers will be selling to a diminishing market? ????

 

Rice farmers becoming #3 (or lower) in the world instead of their current #2 position?

Posted
3 hours ago, Bluespunk said:

Chinese tourist numbers are steadily declining. 

China's rapid growth in domestic tourism continued in 2018 when the country recorded a total of 5.54 billion domestic tourist trips, up 10.76 percent year-on-year.

http://www.xinhuanet.com/english/2019-01/30/c_137787597.htm

"Stay in China" may be as important "Made in China" for the nation's economic future.

That shouldn't unexpected as that's the plan currently being followed by Prayut's government.

Posted (edited)
10 minutes ago, Srikcir said:

China's rapid growth in domestic tourism continued in 2018 when the country recorded a total of 5.54 billion domestic tourist trips, up 10.76 percent year-on-year.

http://www.xinhuanet.com/english/2019-01/30/c_137787597.htm

"Stay in China" may be as important "Made in China" for the nation's economic future.

That shouldn't unexpected as that's the plan currently being followed by Prayut's government.

bullet point three would imply numbers are falling. 

 

Though I do see your point on the apparent desire to sup with the devil for a bowl of investor pottage. 

 

Hope his long spoon is at the ready. 

 

 

Edited by Bluespunk
Posted
5 hours ago, canopus1969 said:

Maybe, but now we may be able afford to go to Austrailia on holiday????

I'm going in a few weeks for the first time, been checking this and that from the internet. Prices (restaurant/shopping/attractions) seem ok to me. Quality I guess is better. Not sure about the Chinese infestation status though. Being a tourist in Thailand is a crappy quality proposition these days, even without a strong baht. 

  • Like 1
Posted

With the unstable government policies will be difficult to put into place to stabilize the Baht rate extending the time negative impacts will hit farmers and other exporters as well as the expat community

Posted (edited)
21 hours ago, Eric Loh said:

Yuan against Baht has been relatively stable since being fully convertible 6-7 years ago. 

Not sure most Chinese would agree, based on the slide in the past four years.

 

1561163472896.jpg

Edited by lamyai3
  • Like 1
Posted
22 hours ago, Eric Loh said:

Yuan against Baht has been relatively stable since being fully convertible 6-7 years ago. 

 

err its down 22% in 2 years. how is that stable?

  • Like 1
Posted
1 minute ago, GeorgeCross said:

 

err its down 22% in 2 years. how is that stable?

Perhaps his concept of 'relative' is purely relative.

  • Haha 1

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • Recently Browsing   0 members

    • No registered users viewing this page.


  • Topics

  • Latest posts...

    1. 0

      Motorcycle taxis causes traffic gridlock during Pattaya concert

    2. 41

      Thailand Live Monday 25 November 2024

    3. 0

      Man shoots colleague in Si Racha restaurant after argument

    4. 118
    5. 41

      Thailand Live Monday 25 November 2024

    6. 3

      Buying Gold with Hua Seng Heng "Gold Now" App

    7. 0

      PM leads Chiang Mai meeting to boost post-flood tourism

    8. 2

      Thai cyanide killer’s lawyer withdraws, accuses client of failing to protect her

  • Popular in The Pub


×
×
  • Create New...