Just now, Mac Mickmanus said:

Yes, and if it wasnt for the Remainers refusing to accept the democratic result , it would have just been a small temporary dip , rather than a four year downward slide

Living in an alternative reality, i see. Brexit issues are still with us, ask Northern Ireland.

22 hours ago, AnotherFarang8 said:

Tourists will have to pay inflated prices for everything as weakened baht will buy less on international markets. Just to transport coconuts to the resort the farmer will pay more for gasoline because Thailand imports oil. Tourists will need to pay for that, who else. Not to mention household private debts accumulated by Thais over the jobless period. So no, tourists won’t see their currency do better than 2 years ago.

I never noticed cheaper prices when the baht was strong.

 

Not being an economist. I would think a falling Bhat will help the economy - more attractive to tourists and cheaper exports. Why is this a problem (assuming the decline is managed)

The property bubble is about to burst and the lending banks to all these empty projects must be quaking in their shoes ! The old saying " what goes up must come down " !!  

30 minutes ago, Jen65 said:

The property bubble is about to burst and the lending banks to all these empty projects must be quaking in their shoes ! The old saying " what goes up must come down " !!  

I would suspect that supporting banks on top of the spending on Covid and Submarines will be a streatch. If this happens it may be a bigger problem than Covid. But I am not an economist so what do I know.

if Thailand want to be a good destination as well able to compete this can only when it focus on internal economy and internal market 80/20 rule makes strong and get sponsored by tourist and external industry.

 

if want to have the same as South Korea which was actually worse the Thailand  then Thailand needs to reform dramatically.

 

the Thai bath exchange rate of 50 THB for an euro would help Thailand.

 when you focus on the internal market the essential internal market is not an issue and also you get the aid programs. of course abroad wil be more expensive still the over all benefit is huge, as seen with other countries who did follow this strategic plan.

 

 

3 hours ago, jesimps said:

I never noticed cheaper prices when the baht was strong.

 

It’s a one-way street mostly.

2 hours ago, Autonuaq said:

if Thailand want to be a good destination as well able to compete this can only when it focus on internal economy and internal market 80/20 rule makes strong and get sponsored by tourist and external industry.

 

if want to have the same as South Korea which was actually worse the Thailand  then Thailand needs to reform dramatically.

 

the Thai bath exchange rate of 50 THB for an euro would help Thailand.

 when you focus on the internal market the essential internal market is not an issue and also you get the aid program

And how would you suggest Thailand go about lowering the baht to 50?

4 hours ago, Jen65 said:

The property bubble is about to burst and the lending banks to all these empty projects must be quaking in their shoes ! The old saying " what goes up must come down " !!  

I've been hearing this for a long time now, but it doesn't seem to happen. Was there actually a house price crash following 97.? Not quite the point of Jen65's post I realise but I am curious. 

On 7/26/2021 at 4:11 AM, Nong Khai Man said:

I Can See the Baht going to 50 to The U.K. Pound before Christmas.......But Hang on I Ain't said WHICH Christmas.....LOL !!

I predicted in January 2021 the baht would be 40 to the $$$ by end of December, as it is crawling toward that end, I await with baited breath.???? ???? ???? ????   No, I won't quit my day job, my days as a financial genius are numbered.

16 hours ago, Zikomat said:

With 50000 infected per day you will certainly get what you wish for.

Much sooner than most people think....

17 hours ago, Rinrada said:

Best I got while sitting in the Honey Hotel "coffee chop" was only 96 but one old guy with us changed 5K of TCs....thats ...travellers cheques.. @ 100 Bt ...Walked away with half a Million..Read somewhere that it "peaked" at 106....but....mai K J..????

I really miss that old CIA haunt, bought my first gold bar there that somehow made it there from Laos. of course gold was about $35 an ounce back then. 1971.

Off topic posts and the replies have been removed.  This topic is  not about Brexit and leaving the E.U. and it is not about the closures of schools in the US.

Thai baht hitting resistance at 33 . Be interesting once there is a break through .

Thai baht becoming the region’s worst-hit currency in COVID pandemic

By Paparorn Promlerd

 

   

BANGKOK (NNT) - The Thai baht has been hit by a sharp decline in tourism numbers due to the COVID pandemic, making the country’s currency the worst-hit in the region this year, according to Mizuho Bank.

 

In a note on July 23, the Japanese bank pointed to “uncharacteristic under-performance of the Thai Baht, rendering it the worst performer to date in 2021”.

 

Thai baht was the top performer in Asia before the pandemic. In 2019, the country was concerned about the strengthening Thai baht, which was buoyed by its large trade surplus. A stronger currency makes Thailand’s exports more expensive, causing them to be less attractive in global markets.

 

According to Refinitiv Eikon data, the Thai baht has steadily plunged more than 10% against the U.S. dollar year-to-date in 2021. This makes it the weakest-performing currency this year compared to other major Asia Pacific currencies. Against the greenback, the Japanese yen is nearly 7% lower, the Malaysian ringgit declined by 5%, while the Australian dollar is down 4.43% in the year-to-date.

 

Even though tourism decline is not the only factor driving Thailand’s economic slowdown, the Bank pointed out that the sharp decline in tourist arrivals has multiplied the “Covid devastation” of its economy. Tourist spending accounted for about 11% of Thai GDP in 2019.

 

According to data from its tourism ministry as well as the World Bank, Thailand had only a little over 34,000 tourist arrivals as of May 2021, compared with over 39 million in 2019, before the pandemic. Fewer tourists also means lower demand for the Thai baht.

 

Thailand’s over-reliance on tourism is going to be “very challenging” for the country as it seeks to reopen to tourists while still battling the pandemic, Nomura’s Chief ASEAN Economist Euben Paracuelles said last week.

 

-- © Copyright NNT 2021-07-28

 

- Whatever you're going through, the Samaritans are here for you

- Follow ASEAN NOW on LINE for breaking COVID-19 updatesv

12 hours ago, rott said:

I've been hearing this for a long time now, but it doesn't seem to happen. Was there actually a house price crash following 97.? Not quite the point of Jen65's post I realise but I am curious. 

Not really - the big drop in the baht enabled a lot of foreign investment into property. 

6 hours ago, itsari said:

Thai baht hitting resistance at 33 . Be interesting once there is a break through .

More to do with a drop in the dxy.

This is good news. Yes imported goods will cost more BUT Thailand exports more than imports and has a balance of payments surplus which means on average this is good news. The question is how will the extra money be divided up....guess what the factory owners and exporters will all be buying new Benzes, but the poorer classes will get nothing at all....indeed less than nothing as inflation on imported good eats away at incomes. 

15 minutes ago, Pedrogaz said:

This is good news. Yes imported goods will cost more BUT Thailand exports more than imports and has a balance of payments surplus which means on average this is good news. The question is how will the extra money be divided up....guess what the factory owners and exporters will all be buying new Benzes, but the poorer classes will get nothing at all....indeed less than nothing as inflation on imported good eats away at incomes. 

You forgot the revenue department

4 hours ago, webfact said:

Thai baht was the top performer in Asia before the pandemic. In 2019, the country was concerned about the strengthening Thai baht, which was buoyed by its large trade surplus. A stronger currency makes Thailand’s exports more expensive, causing them to be less attractive in global markets.

But a weaker baht makes it more attractive for tourists and investors... funny how things change when the need arises.

Just now, hotchilli said:

But a weaker baht makes it more attractive for tourists and investors... funny how things change when the need arises.

That's how floating exchange rate are supposed to work. 

It might seem funny to some, but today the mighty Baht trounced western currencies.  And since the USD is the worlds reserve currency—it figures that someone just dumped a whole lot of USD into Thailand.  That would explain the steep climb today.  Now who has plentiful USD reserves?

Once Asia’s top performer, the Thai baht is now becoming the region’s worst-hit currency. 

 

Now where did they get this info from?   

How come then that the TB has been going up the last 2 Yrs? 

I am looking at the $AUS I Get payed in AUS  I don't look at the US  

 

1 hour ago, Isaan sailor said:

It might seem funny to some, but today the mighty Baht trounced western currencies.  And since the USD is the worlds reserve currency—it figures that someone just dumped a whole lot of USD into Thailand.  That would explain the steep climb today.  Now who has plentiful USD reserves?

What "trouncing" and "steep climb" are you talking about? 

 

Sounds very dramatic. Do share.

3 minutes ago, nauseus said:

What "trouncing" and "steep climb" are you talking about? 

 

Sounds very dramatic. Do share.

Baht up 10 Satang today on USD and even Euro.  When someone dumps USD into Thailand (billions), it would raise the Baht.  Conversely if someone dumps Baht into another country, it would also jack up the Baht.  The vast majority of international monetary transactions are done in USD.

2 minutes ago, Isaan sailor said:

Baht up 10 Satang today on USD and even Euro.  When someone dumps USD into Thailand (billions), it would raise the Baht.  Conversely if someone dumps Baht into another country, it would also jack up the Baht.  The vast majority of international monetary transactions are done in USD.

The Dollar went from 32 . 9100 yesterday to 32 8550 today. And its been around that mark for the previous ten days

On 7/27/2021 at 4:29 AM, Mac Mickmanus said:

You didn't leave the E.U which is why your currency hasn't risen by 20 % .

   Does the U.S.A have something similar to the E.U that they could leave ?

Well, the euro/£ exchange rate evolution since the Brexit referendum shows a different picture.... ????

https://www.macrotrends.net/2553/euro-british-pound-exchange-rate-historical-chart

Well compared to Aug 2019 my 65,100thb monthly from the UK now costs me £320 less.

31 minutes ago, Mac Mickmanus said:

The Dollar went from 32 . 9100 yesterday to 32 8550 today. And its been around that mark for the previous ten days

From 32.94 to 32.84.  Looks like 10 Satang to me.

On 7/27/2021 at 1:00 PM, Caspersfriend said:

Alanis Morissette would call this ironic [lol] but a coincidence that when I first came here in 1989 it was 40Baht/GBP and currently it's 40Baht/GBP. Mind you, when I moved here in 2007 it was nearly 70Baht/GDP.

 

However, the move was based on my previous experience. What goes around comes around.

 

I do recall when I opened my first bank account with SCB they were reluctant to open it, and even then I had to persuade them to accept any significant GBP transfers. As were Bangkok Bank when I set up an account with them. Foreign currency transfers were limited to 5000GBP.

Currently it's 45 To The Pound Mate NOT 40 !!!