Baht under pressure from BOT measures

[johnarth]

there is still something wrong no matter what the baht is over priced, god help Thailand when the crash happens

[Andy from Kent]

 

This is a Buddhist country.

[ExpatOilWorker]

16 hours ago, Isaan sailor said:

So I read some comments on another forum, and one chap seemed to understand why the Baht has gone so high vs USD (and all connected western currencies).

All about the 1%.  Wealthy Chinese buy condos and other real estate, (perhaps to rent daily to zero baht tourists).  The purchase takes Baht, and that lowers the Baht reserves in the local bank.  Money for the condo purchased, goes to the Thai 1% , and they in turn, buy high end western things or travel worldwide.  Bahts become scarcer—and so the Baht rises.  Of course, with foreign money, everyone involved gets a cut.

interesting theory—what do you think?

 

Fancy theory, but is floats as well as The Titanic.

The gaping hole in the hull is that when buying western products or travel abroad, the 1% Thais don't use baht to pay with, they you foreign currency, hence the more they spend an travel the weaker the baht becomes.

[elgenon]

The government needs to spend more money to lower the baht. Buy Covid insurance for farangs who want to enter!

[Chivas]

Some of the claims and counter claims are quite utterly staggering. For a forum that essentially revolves around people in a foreign country to their own its mind blowing how many seem to have no concept of how foreign exchange works

[orchidfan]

On 11/19/2020 at 2:11 PM, Falcon said:

We received a TT payment from Hong king sent in usd to our account here yesterday and only received an exchange rate of 29.88, even after the banks website showing that the transaction rate was 31.10 for that day.

Suggest you use a local Thai in Wanchai market or similar. They use a phone app and exchange at very good rates. Money in my thai bank (in baht ) within 20 minutes.  Charge $40hkd no matter the amount being sent.

[thailand49]

On 11/18/2020 at 11:32 PM, Baerboxer said:

 

Do you have any evidence of currency manipulation? Details please.

 

Or was it something you heard down the bar?

 

Let me ask you a question!  Do you have any information or evidence of no manipulation?  No I didn't get it from the bar I don't drink!

What I do know a week ago they were bragging ( Thai leaders ) that investment was pouring into Thailand because how bright things were?  Then a few days later other official came out and said this was all speculation!

 

Now think about this when you find time to get your head out of the sand!  You see articles about the baht how weak it is then all of a sudden it gets stronger?  then there are articles that the baht is too strong then all of a sudden it gets weaker?  How is that?  If it is the free market then why they just don't keep their mouth shut and let it flow where ever it goes.

 

No one is saying " manipulation " has to be a large swing but I do believe and you believe what you want!  it can manipulated to a point?  I don't need it to be spelled out for me at least!

Edited November 21, 2020 by thailand49

[SuwadeeS]

I believe it is a setup, fir the benefits of some powerful people. Otherwise, I can not understand or explain, because.....

 

1. No foreign tourists bring money into the country.

2. I saw and see more and more shops and businesses shut down and bankrupt.

3. The unemployment rate is on a raise. I do not believe in the fake government numbers.

 

So, the exchange rate should be by around 50 Baht for 1 US$

[Isaan sailor]

Yep, Thai economy in dire straits—yet the Baht remains high.  Time to turn down the foreign inflows, I think.

[Percy P]

On 11/19/2020 at 11:28 AM, keith101 said:

So what has been done ? 

Yes what we been done .They can not intervene in the exchange rate directly ,thats done internationally.

[Percy P]

Just now, Percy P said:

Yes what we been done .They can not intervene in the exchange rate directly ,thats done internationally.through IMF.