Finally some good news! Brits getting 43 Baht to the Pound, USD doing OK too

[webfact]

FILE PHOTO for reference only

Posters online who continually complain about the poor exchange rate for their money in Thailand due to the strength of the Thai baht are getting some respite.

On SuperRich today the top rate for sterling has nearly passed 43 baht.

Today it was 42.9 baht to a pound the highest in years. 

The US dollar is also up from lows of below 30 to now be 30.83 to 100 dollar bills. 

The Australian dollar that at one time slipped below 20 baht is now valued at 23.8 on SuperRich.

The Euro is valued at 36.75 to high denomination bills today. 

Many have said that apart from the pandemic, one of the reasons people are put off coming to Thailand is the strength of the baht.

 

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[Golden Triangle]

Long may it continue ????????????????

[KhunBENQ]

28 minutes ago, Golden Triangle said:

Long may it continue ????????????????

A long way to go.
If one has the moderate hope to get back to the 10 year high, the following gains from current  value would be necessary (rounded):

USD 18%
EUR 23%
GBP 31%
AUD 39%

(with graphs from xe.com)

https://www.xe.com/currencycharts/?from=USD&to=THB&view=10Y
https://www.xe.com/currencycharts/?from=EUR&to=THB&view=10Y
https://www.xe.com/currencycharts/?from=GBP&to=THB&view=10Y
https://www.xe.com/currencycharts/?from=AUD&to=THB&view=10Y

[Daffy D]

I remember when the rate was over 70 to the UKP.

Cheap living and the whole country was a lot more fun than it has now become.

Was truly "Amazing Thailand"

 

[Golden Triangle]

1 hour ago, KhunBENQ said:

A long way to go.
If one has the moderate hope to get back to the 10 year high, the following gains from current  value would be necessary (rounded):

USD 18%
EUR 23%
GBP 31%
AUD 39%

(with graphs from xe.com)

https://www.xe.com/currencycharts/?from=USD&to=THB&view=10Y
https://www.xe.com/currencycharts/?from=EUR&to=THB&view=10Y
https://www.xe.com/currencycharts/?from=GBP&to=THB&view=10Y
https://www.xe.com/currencycharts/?from=AUD&to=THB&view=10Y

As the Tesco advert proclaims " Every little helps " ????

I'm reasonably aware that it may take some time to get anywhere near 2016s 50 + to the £.

But who knows what could happen to the banks, property, the currency here ? I'm just grateful for a slow and modest rise in the value of all currencies - except the Baht of course ????

 

 

[tomazbodner]

In related news - price of all imported stuff increases 50%

[KhunBENQ]

2 hours ago, Daffy D said:

I remember when the rate was over 70 to the UKP.

That indeed lasted during short period 1997/1998 and about 2004 to 2008.
Peak rate 90.67 ????

Diagram from 1997 to 18 March 2021.

First marker: Asian crisis
Second: THE global financial crisis
Third: Brexit vote

[Petey11]

Could it be due to Thailand exhausting it's foreign reserves. Read a report that they've borrowed short term loans to offset the pandemic last year and will have to borrow the same this year. Those short term loans are now draining the coffers just to repay. In the same report some 3 billion dollar plus has exited Thailand in the first two months of this year. Long been speculated that Thailand's foreign reserves had artificially propped up the bath, maybe now showing as they've had to dip into those foreign currencies the last year.

[kwak250]

Well 43 to the £

Branston pickle on Lazada 

Happy times indeed. 

[Kerryd]

11 hours ago, Petey11 said:

Could it be due to Thailand exhausting it's foreign reserves. Read a report that they've borrowed short term loans to offset the pandemic last year and will have to borrow the same this year. Those short term loans are now draining the coffers just to repay. In the same report some 3 billion dollar plus has exited Thailand in the first two months of this year. Long been speculated that Thailand's foreign reserves had artificially propped up the bath, maybe now showing as they've had to dip into those foreign currencies the last year.

Could very well be the case. I note that the Canadian $ has also crept up a bit, though it's still a far cry from the 32/1 that we were getting back in 2008. Which still sucked as, at the time, the Canadian $ was worth more than the US $ but was getting 3 baht less on the exchange !

And with the way the Liberals (in Canada) continue to borrow 10s of billions and throw it around like they think it never has to be repaid, I would have expected the (Cdn) dollar to be losing value (which it historically does whenever the Liberals are in power). 

The fact it has improved against the baht probably is more a reflection on Thailand's currency situation than on Canada's. 

The longer the covid crisis goes, the worse it could get (for the baht) which would make a lot of people happy (and a lot of other people sad).

[Dogbarker]

16 hours ago, Golden Triangle said:

Long may it continue ????????????????

Except for those repatriating funds back to their home country????

[micmichd]

14 hours ago, tomazbodner said:

In related news - price of all imported stuff increases 50%

Then maybe Thailand turns into an export country. 

[actonion]

It didnt last long did it, i transfered money from UK to Thailand  on 18th March  with   Siam Commercial bank  and got  40.51 B  when it was reading  43.06 on the internet

[Madgee]

5 minutes ago, actonion said:

It didnt last long did it, i transfered money from UK to Thailand  with   Siam Commercial bank  and got  40.51 B 

More fool you! ...Sorry, couldn't resist.

[Farang99]

15 hours ago, Daffy D said:

I remember when the rate was over 70 to the UKP.

Cheap living and the whole country was a lot more fun than it has now become.

Was truly "Amazing Thailand"

 

1998, following the Asian Bank crisis. But only 5 years ago it was at 56 to the £ and it went rapidly down hill from there. 43 is better than a slap with a wet fish, but not a lot. When you combine the exchange  rate with Thai inflation it is not a pretty picture.

[SiSePuede419]

43B to a pound?

A pound of what ❓

[sambum]

13 hours ago, Petey11 said:

Could it be due to Thailand exhausting it's foreign reserves. Read a report that they've borrowed short term loans to offset the pandemic last year and will have to borrow the same this year. Those short term loans are now draining the coffers just to repay. In the same report some 3 billion dollar plus has exited Thailand in the first two months of this year. Long been speculated that Thailand's foreign reserves had artificially propped up the bath, maybe now showing as they've had to dip into those foreign currencies the last year.

"Thailand's foreign reserves had artificially propped up the bath"

Just had a mental image of farang footballers making sure that Deputy Prime Minister General Prawit Wongsuwan doesn't overturn while performing his ablutions!

[SymS]

Just a temporary reprieve, long term the USD is headed towards 15 Baht.

[Henryford]

18 hours ago, Golden Triangle said:

Long may it continue ????????????????

Dropped half a baht this morning, that didn't last long.

[cnx101]

16 hours ago, Daffy D said:

I remember when the rate was over 70 to the UKP.

Cheap living and the whole country was a lot more fun than it has now become.

Was truly "Amazing Thailand"

 

Yes I remember too

[hotchilli]

18 hours ago, webfact said:

On SuperRich today the top rate for sterling has nearly passed 43 baht.

Today it was 42.9 baht to a pound the highest in years.

Been along time coming, hope the trend continues.

[hotchilli]

16 hours ago, Daffy D said:

I remember when the rate was over 70 to the UKP.

Cheap living and the whole country was a lot more fun than it has now become.

Was truly "Amazing Thailand"

 

I can remember 65B to the GBP 

[Jaxxper]

Still a long way from where people budgeted prior to say Brexit, but every little helps. The doom and gloomers were forecasting 25-30 to Sterling, so let’s hope the current upward trend continues.

[DPKANKAN]

1 hour ago, actonion said:

It didnt last long did it, i transfered money from UK to Thailand  on 18th March  with   Siam Commercial bank  and got  40.51 B  when it was reading  43.06 on the internet

I actually got 43.0267 yesterday via TransferWise!!????????????

[thurien]

"one of the reasons people are put off coming to Thailand is the strength of the baht"

the THB obviously took note of that scepticism

[Isaan sailor]

Not so fast.  Baht gained 22 Satang on USD last night.  Euro and Pound also nosedived.  Sure looks like they pegged the Baht to the Chinese Yuan—also up last night.

I wish currency traders would cease lumping Thailand in with “Emerging Markets”.  It drives the Baht up, when Joe Six-Pack reallocated his 401k to seek higher returns from Emerging Markets.

Thailand is emerging, all right. Emerging into recession, with an uncontrolled Baht.

[donnacha]

The only exchange rate I'm watching right now is BTC to THB.

When it hits two million, we're going to have a party ????

[worgeordie]

On Superrich its back down to 42.55 to Pound, its up and down

like a fiddlers elbow, speculators at work ?

regards Worgeordie

[shackleton]

Well thats probably the kiss of death on the pound

Dropped yesterday from $1.39. To $1.38

I as others hope it continues up against the USA Dollar and  Thai Baht 

[Gra777]

The rate for changing pounds to baht yesterday was 42.01 at SCB bank so where can i get the 43?