Thailand not happy with hot money - central bank chief

[webfact]

Thailand not happy with hot money - central bank chief

 

FILE PHOTO: Thailand's Central Bank Governor Veerathai Santiprabhob poses during an interview with Reuters at the Bank of Thailand headquarters in Bangkok, Thailand, April 1, 2019. REUTERS/Athit Perawongmetha/File Photo

 

CHIANG MAI, Thailand (Reuters) - Thailand's central bank is not happy with hot money flowing into the country and has sometimes taken action on excessive moves in the baht, the governor said on Monday.

 

Any intervention is not for a competitive advantage in trade, Bank of Thailand Governor Veerathai Santiprabhob told a seminar in the northern city of Chiang Mai.

 

The baht's strength <THB=TH> has been driven by a weak dollar, foreign fund inflows and Thailand's large current account surplus, he said.

 

The baht has appreciated about 5.7% against the dollar so far this year, becoming the best performing currency in Asia.

 

(Reporting by Orathai Sriring, Kitiphong Thaichareon; Editing by Darren Schuettler)

 

 

-- © Copyright Reuters 2019-07-08

Follow Thaivisa on LINE for breaking Thailand news and visa info

[kaiyaibob]

What language in money terms is 'Hot' in this story.

In my language "hot" can relate to a hot girl used in relation to hot money usually means laundered or counterfeit stolen .......on the other hand ???? 

[lipflipper]

Just more twaddle from this Bozo at the Bank of Thailand. The U.S. dollar weak?? In your dreams you lying pile of excrement.

Sent from my CMR-AL19 using Thailand Forum - Thaivisa mobile app

[canuckamuck]

I support any plans to lower the baht. 

 

[holy cow cm]

Hot money might be the money monthly income coming from the Expats every month to keep their life alive here or from the 400,000 baht or 800,00 baht stuck in their hot little greedy banks hands?

 

 

[koratkarlos]

I could not top up my Lazada wallet as they are worried about money laundering - so maybe something is happening here.

[BestB]

4 minutes ago, koratkarlos said:

I could not top up my Lazada wallet as they are worried about money laundering - so maybe something is happening here.

Yeah that must be it ????

[FarFlungFalang]

1 hour ago, lipflipper said:

Just more twaddle from this Bozo at the Bank of Thailand. The U.S. dollar weak?? In your dreams you lying pile of excrement.

Sent from my CMR-AL19 using Thailand Forum - Thaivisa mobile app
 

Have you not heard?All currencies except the Thai baht are weak at the moment. 

[Lupatria]

1 hour ago, webfact said:

The baht's strength <THB=TH> has been driven by a weak dollar, foreign fund inflows

...we all know. And if it rains or it is not it's the farangs fault too.

[StayinThailand2much]

1 hour ago, holy cow cm said:

Hot money might be the money monthly income coming from the Expats every month to keep their life alive here or from the 400,000 baht or 800,00 baht stuck in their hot little greedy banks hands?

 

 

More like hot Chinese money leaving the PRC to find an easy home for embezzled funds to launder...

[Isaan sailor]

Yes, it’s Chinese hot money filling BoT’s coffers, but they won’t confirm it. PRC has $1.2trillion that comes due every couple of days as a billion here a billion there.  It adds up—building up Thailand’s foreign USD reserves.  That sinks the USD and all western currencies...

So why won’t BoT reduce rates?

[Lodestone]

3 hours ago, kaiyaibob said:

What language in money terms is 'Hot' in this story.

In my language "hot" can relate to a hot girl used in relation to hot money usually means laundered or counterfeit stolen .......on the other hand ???? 

 

https://en.m.wikipedia.org/wiki/Hot_money

[manarak]

Mr Bank Governor, just simply lower the interest rate, problem solved.

 

Arbitrage will not go away just because you don't like it.

[Isaan sailor]

USD = 30.76 Thai Baht international today.

USD = 23,250 Vietnam Dong today.

Does hot money make a difference?  You betcha...

[Eric Loh]

5 minutes ago, manarak said:

Mr Bank Governor, just simply lower the interest rate, problem solved.

 

Arbitrage will not go away just because you don't like it.

BOT raised rate in Dec by 25 basis points. If he lower rate likely 25 basis points, will be back to the interest rate last 7 years. Nothing really solved. Baht will remain strong due to internal and external factors. 

[Isaan sailor]

How come Vietnam doesn’t have a Chinese hot money problem? 

[Eric Loh]

19 minutes ago, Isaan sailor said:

How come Vietnam doesn’t have a Chinese hot money problem? 

Because of the tiny bond and stock market. Their tiny foreign exchange reserves will not be able to defend the Dong if under attacked. 

[the guest]

Thai baht has been manipulated for ages (nothing new there).

[Mel52]

Just more twaddle from this Bozo at the Bank of Thailand. The U.S. dollar weak?? In your dreams you lying pile of excrement.

Sent from my CMR-AL19 using Thailand Forum - Thaivisa mobile app

Obviously the USD is doing fine and the baht has been doing better over the last I forget how many years but “best performing currency in Asia” not by a long shot no way, just look it up the information is easily accessible.

[Isaan sailor]

8 minutes ago, Eric Loh said:

Because of the tiny bond and stock market. Their tiny foreign exchange reserves will not be able to defend the Dong if under attacked. 

So you now admit the the Thai Baht is under attack?  BoT holds high interest rates—and China dumps the $$ in...

[Eric Loh]

5 minutes ago, Isaan sailor said:

So you now admit the the Thai Baht is under attack?  BoT holds high interest rates—and China dumps the $$ in...

No, the Baht is not under attack like in 1997 when we have a very low foreign reserves and a peg dollar.

BOT interest is lower than most ASEAN countries.

China will not dump USD treasuries as it will hurt them more from declining value. 

[WalkingOrders]

4 hours ago, kaiyaibob said:

What language in money terms is 'Hot' in this story.

In my language "hot" can relate to a hot girl used in relation to hot money usually means laundered or counterfeit stolen .......on the other hand ???? 

Coming in for short-term speculation, thus creating a buying frenzy...

[WalkingOrders]

25 minutes ago, Mel52 said:

Obviously the USD is doing fine and the baht has been doing better over the last I forget how many years but “best performing currency in Asia” not by a long shot no way, just look it up the information is easily accessible.

Everything the bank rep said is the general consensus on about a million forex sites. He is spot on.

[ChipButty]

He's only interested in black money 

[Brickbat]

Current account surplus! Spend the money to improve Thailand. It’s a disgrace in terms of quality life for the poor Thais who are too dumb to know the difference or complain ....at the ballot box.

[Skeptic7]

The USD Index against a basket of currencies has been going up since 2011. Of course, this basket includes the £GBP & €uro which are down the ????

 

Regardless...THB is STRONG. 

 

[holy cow cm]

5 hours ago, koratkarlos said:

I could not top up my Lazada wallet as they are worried about money laundering - so maybe something is happening here.

Something is going on. Last week I could not from my bank to friends bank in USA wire money for his 3 daughters different b-days. They requested an invoice. Was only a couple grand US. Had to Western Union it.

[marcusarelus]

1 hour ago, the guest said:

Thai baht has been manipulated for ages (nothing new there).

If they could have manipulated it they would have prevented the crisis of 97.  Sorry.  They don't have enough money.  

[marcusarelus]

4 minutes ago, holy cow cm said:

Something is going on. Last week I could not from my bank to friends bank in USA wire money for his 3 daughters different b-days. They requested an invoice. Was only a couple grand US. Had to Western Union it.

Why not use Dee money?  I did last month no problem.  

[marcusarelus]

35 minutes ago, Brickbat said:

Current account surplus! Spend the money to improve Thailand. It’s a disgrace in terms of quality life for the poor Thais who are too dumb to know the difference or complain ....at the ballot box.

Every place you look in Thailand there is free food.  Every place you look in Thailand there is food thrown away.  Every place you look in Thailand Soi Dogs are getting fat.  There is almost no unemployment in Thailand.  More poor people in America than Thailand last time I looked.