webfact Posted February 6, 2020 Share Posted February 6, 2020 Ministry issues new measure on strong baht By The Nation File Photo: Finance Minister Uttama Savanayana Finance Minister Uttama Savanayana said on Thursday (February 6) that exporters could park more of their money abroad as the latest measure to curb appreciation of the Thai currency. Exporters will be allowed to keep a larger amount of their profits in overseas accounts, up to one million dollar from the $200,000 currently allowed, he said. It will lower cost for exporters and at the same time lessen pressure on the baht's appreciation as exporters need not repatriate large sums of money back to the country. It will also lead to more balance between capital outflows and inflows, he said. The baht gained 8 per cent against the US dollar last year. The currency was highly volatile in the first month of 2020, moving past the Bt30/dollar level and retreating below Bt31. It weakened at the outbreak of the coronavirus, but has since regained strength. At the close of trade on Thursday, the weighted-average interbank exchange rate stood at Bt31.078/ dollar, compared with Bt30.110 on January 2, the first day of trade this year, according to the Bank of Thailand. High current account surplus and slowing investment were blamed for the strong baht. Source: https://www.nationthailand.com/business/30381717 -- © Copyright The Nation Thailand 2020-02-07 Follow Thaivisa on LINE for breaking Thailand news and visa info Link to comment Share on other sites More sharing options...
Popular Post smedly Posted February 7, 2020 Popular Post Share Posted February 7, 2020 3 hours ago, webfact said: Finance Minister Uttama Savanayana said on Thursday (February 6) that exporters could park more of their money abroad as the latest measure to curb appreciation of the Thai currency. I'm going to explain this double talk in plain English Buy foreign currency quick because the Thai baht is about to go through the floor and I'm not joking - this is what he is saying 8 1 Link to comment Share on other sites More sharing options...
Popular Post Emdog Posted February 7, 2020 Popular Post Share Posted February 7, 2020 "Doctor... DOCTOR!... the baht is getting stronger and weaker!" 1 1 1 Link to comment Share on other sites More sharing options...
Isaan sailor Posted February 7, 2020 Share Posted February 7, 2020 Baht up 8% on USD last year. So now let’s see Baht retreat 8% this year. Tourism, exports and exports have all suffered greatly. 2 Link to comment Share on other sites More sharing options...
30la Posted February 7, 2020 Share Posted February 7, 2020 4 hours ago, webfact said: Finance Minister Uttama Savanayana said on Thursday (February 6) that exporters could park more of their money abroad as the latest measure to curb appreciation of the Thai currency. Again a great help for the already rich! 1 1 Link to comment Share on other sites More sharing options...
lazygourmet Posted February 7, 2020 Share Posted February 7, 2020 19 minutes ago, 30la said: Again a great help for the already rich! Reason why Central group is investing massively all around Europe. 1 Link to comment Share on other sites More sharing options...
Matzzon Posted February 7, 2020 Share Posted February 7, 2020 8 hours ago, webfact said: interbank exchange rate stood at Bt31.078/ dollar, compared with Bt30.110 on January 2 How can that be a sign of that the baht regained strength???? Link to comment Share on other sites More sharing options...
Scott Tracy Posted February 7, 2020 Share Posted February 7, 2020 Sometimes I wish they knew what they were talking about. But only sometiimes. I need a chuckle now and then. Link to comment Share on other sites More sharing options...
sscc Posted February 7, 2020 Share Posted February 7, 2020 Personally thinking that this announcement had came 6 months too late. The current pointer is high chance of weaker Baht in year 2020. 1 Link to comment Share on other sites More sharing options...
thaibook Posted February 7, 2020 Share Posted February 7, 2020 Are exporters allowed to keep abroad up to $1 million of profits or of sales proceeds. and is this per year (chicken feed) or per transaction? I am not sure if the utter woolliness of the report is due to the official or simply that the reporter doe snot understand. Link to comment Share on other sites More sharing options...
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