Thai baht is likely to weaken, central bank deputy governor says

[Jimbo in Thailand]

21 minutes ago, bananafish said:

Lets get back to 50+ THB = 1 GBP and hassle free visas please. 

NO worries bananafish... on the way...  due to arrive Feb 30th!  ????????????

[NightSky]

Blah blah blah. Too little too late.

[bronzedude]

This is not news until the baht actually weakens. Maybe just said to appease those who keep saying the baht is too high.

[moe666]

14 hours ago, lujanit said:

Weaker? Not my experience yesterday when I transferred AUD to baht via Transferwise. The baht was stronger than a month ago.

Different story here the dollar is a bit stronger than my tramsfer last month. they are trying to lower the value aganist major trading currencies. 

[Foghorn]

Yet with a high baht foreign goods are rising significantly here ,does that mean with a weak baht they will reduce or is it a case of monopoly , so suck it up 

[yosib157]

13 hours ago, Brigand said:

A mix of both, but the pound could well go up a noticeable amount after the election result if there is a Tory majority. A hung parliament or a Labour coalition will send it tumbling again. Once there is some certainty in the UK for the markets to be relaxed about and the baht starts to go where it belongs then the pound might well head back towards what it's really worth ... which is about 50-55 baht.  

20 years back in the golden, dare I say hedonistic age when we Brits revelled in 70 thb to the quid, life here was a blast. Now in my dotage, medical bills are higher than entertainment.

I would be more than happy if it climbed however slowly to 50 - 55.  

[mserror]

50% chance of being correct. (The other deputy governer should say it is going to strengthen. Then they can promote the one who is correct.)

[DUNROAMIN]

Retune your crystal ball Mr Bank Governor its out of sink!!!

[kingdong]

15 hours ago, anterian said:

When it comes to the Pound it is difficult to separate out Thai effects from Brexit effects.

Election next week when Boris gets a majority and we get out the eu the pound will rocket.

Edited December 5, 2019 by kingdong

[0815]

15 hours ago, worgeordie said:

If that's true it should be dropping like a stone,

regards worgeordie

... or like a feather.

[Isaan sailor]

If the Baht has gained 7-1/2% on the USD this year—then it should weaken, by 7-1/2% ASAP.  Let the economy crash—they certainly deserve it.

[emptypockets]

1 minute ago, kingdong said:

Election next week,wen Boris gets a majority and we get out the eu the pound will rocket.

You hope.

[emptypockets]

1 minute ago, Isaan sailor said:

If the Baht has gained 7-1/2% on the USD this year—then it should weaken, by 7-1/2% ASAP.  Let the economy crash—they certainly deserve it.

Let it drop 20 or more percent. Then hear the whining on here about the cost of cooking gas, diesel and petrol.

As the cost of imported goods rises as the baht weakens the resident expat posters will go in to meltdown. The ' I told you so ' Brexit threads will be interesting reading.

[kingdong]

1 hour ago, bananafish said:

Lets get back to 50+ THB = 1 GBP and hassle free visas please. 

75 -£1 sounds better

[Isaan sailor]

6 hours ago, MaxYakov said:

And HERE is the X-Rates USD graph showing around 30.30 on December 4th. Where can I get 30.30/USD? I can't get that at Bangkok Bank, that's for sure (because their profit/cut on the transaction).

 

Max, using a no-surcharge American bank issued credit card purchase—you will get very close to that published international rate.

[jkcjag]

15 hours ago, lujanit said:

Weaker? Not my experience yesterday when I transferred AUD to baht via Transferwise. The baht was stronger than a month ago.

It was his prediction...not a fact

[hotchilli]

15 hours ago, anterian said:

When it comes to the Pound it is difficult to separate out Thai effects from Brexit effects.

Brexit doesn't effect the Baht value.
Brexit weakens the GBP value yes.

[raccos21]

[kingdong]

1 hour ago, IAMHERE said:

Where does this gold come from; I thought the only gold mine in Thailand had been shut down.

From all the money sponsors send there one and onlies in pattaya,that coupled with amount of gold the punters buy  for their " girlfriends " that they immediately pawn, pattayas probably sitting on higher gold reserves than South africa.

Edited December 5, 2019 by kingdong

[potless]

25 minutes ago, Isaan sailor said:

 Let the economy crash—they certainly deserve it.

I hope it doesnt crash. Thais lose their income, debts to the banks dont get repaid, banks get in trouble. I have money in the bank. Ouch. Thoughts anyone?

[Srikcir]

1 hour ago, IAMHERE said:

Where does this gold come from; I thought the only gold mine in Thailand had been shut down.

Despite the recent spike in exports, Thailand has still imported a net $43.6 billion of gold since 2009 - although that includes imports for use in jewelry and religious items in the largely Buddhist country as well as by gold traders. Thailand produces very little gold and the flow is driven by trading.

https://www.reuters.com/article/us-thailand-economy-gold/gold-a-new-headache-for-thai-central-bank-as-baht-surges-idUSKBN1WQ170

Having shutdown the Kingsgate mine in 2014 under Article 44, gold imports seem to be the primary supply for gold in Thailand unless Thailand is exporting some of BOT's gold reserves. Judging from the chart above, Thailand is overall a negative net importer of gold since 2010.

[kingofthemountain]

16 hours ago, snoop1130 said:

The Bank of Thailand remains concerned about the strength of the baht and is ready to take action against any rapid gains, either through intervention or additional steps, Mathee said.

 

On Wednesday, the central bank, the Federation of Thai Industries and commercial banks discussed how to handle the baht's strength, he said, without giving further details.

They have done nothing at all.

More than 6 months now and the problem is still the same

and they are still discussing how to handle it?

At least all these overpayed incompetents should be fired

[kingdong]

3 minutes ago, potless said:

I hope it doesnt crash. Thais lose their income, debts to the banks dont get repaid, banks get in trouble. I have money in the bank. Ouch. Thoughts anyone?

Up to you where you put your wonga,just remember what go,'es up must come down,being a visitor to los it's getting on my tits paying London prices,the pattaya bars it would appear too,mate of mines just come back and said it's like a ghost town.

[potless]

3 minutes ago, kingdong said:

Up to you where you put your wonga,j

I have to leave it in the bank for my visa extension. Anyway,I cant fit any more under the mattress

[kingdong]

2 minutes ago, potless said:

I have to leave it in the bank for my visa extension. Anyway,I cant fit any more under the mattress

Just make sure you don,t wet the bed

[kiwikeith]

16 hours ago, toofarnorth said:

Today 39.5 - Quid , 'Its getting better all the time .'

The time has come the walrus said, to pocket your loot and get to bed

[potless]

5 minutes ago, kingdong said:

Just make sure you don,t wet the bed

Liquid assets.

[spiekerjozef]

I am waiting for the day you get 39 pounds for 1 baht

[kiwikeith]

5 minutes ago, spiekerjozef said:

I am waiting for the day you get 39 pounds for 1 baht

to late, the big boys have got that , now they are in save face mode

[saengd]

26 minutes ago, potless said:

I hope it doesnt crash. Thais lose their income, debts to the banks dont get repaid, banks get in trouble. I have money in the bank. Ouch. Thoughts anyone?

The people who are saying the economy here will crash are the people who don't have any money and want a better exchange rate, either that or they're dreaming about visiting Thailand from a bedsit in Croydon. 

 

For all the moaning that's been taking place and for all the articles that have been published, the Thai economy is actually in fairly decent shape. Moody's has just upgraded the credit worthiness of three top Thai banks (unlike the UK where they're all being downgraded); exports have just come off an all time high of USD 22 bill per month and fallen to around 19 bill, a volume last seen three years ago; tourist numbers, Thailand's second string to its economic bow, continue to grow; foreign debt is extremely low, foreign currency reserves are extremely high. Your money in a Thai bank is very safe.