The baht is holding quite well

[Brunolem]

Despite the stock market crash and the SET getting closer to 1,000 the Thai baht is doing alright against major currencies. 

 

There is a decline against the US dollar, but this is the case for all currencies, since investors/speculators are rushing to the dollar to pay their bills. 

 

Otherwise, against the euro the baht is where it was a year ago, and we will avoid to mention the British pound or the Australian dollar... 

 

This seems to confirm that the baht was legitimately strong last year, and not thanks to manipulations engineered by the local oligarchs. 

 

If the Thai central bank manages to keep its interest rate at 1%, it could attract money from all these countries now offering 0% or less, and keep the baht at a decent level. 

 

[Kwasaki]

1 minute ago, Brunolem said:

Thai baht is doing alright against major currencies. 

Yeah I don't understand how it works, Thought the £ would hold at 41 but it has gone down to 37 just as my pension is due. ????

[dabhand]

The Thai central bank rate was cut to 0.75% w.e.f 23 March.

[Brunolem]

40 minutes ago, dabhand said:

The Thai central bank rate was cut to 0.75% w.e.f 23 March.

Do you mean that there is a cut going into effect on March 23?

[topt]

3 hours ago, Brunolem said:

Do you mean that there is a cut going into effect on March 23?

Yes - news item 

 

[OJAS]

10 hours ago, Brunolem said:

Despite the stock market crash and the SET getting closer to 1,000 the Thai baht is doing alright against major currencies. 

The main reason, I suspect, being that, in common with the JPY, CHF & EUR, the THB is regarded by speculators as being a "safe haven" currency.