Bank of Thailand Intervenes to Manage Baht's Exchange Rate

[Stargeezr]

Did this woman used to work for the Tourism sector of Thailand, her math skills seem to be the same.

  What a chuckle. maybe a small demotion and additional training is need for this person.

[lordgrinz]

1 minute ago, Stargeezr said:

Did this woman used to work for the Tourism sector of Thailand, her math skills seem to be the same.

  What a chuckle. maybe a small demotion and additional training is need for this person.

 

Yes, I think using her logic, since the baht is stronger now, they can now pay her less which will help her "better manage" her "spending in Thailand".

[lastchance]

Today we are seeing a meaningful drop of the baht's value versus USD, GBP, EUR, CNY, etc. Maybe they actually are intervening in the right direction.

 

Really doubt any regular tourist gives a f about even a 10% currency fluctuation. I haven't heard of anyone I know ever checking exchange rates for any trip.

 

But I'm cheap as hell. I usually take one domestic trip per month, and I've put a pause on that until the exchange rate is where I want it to be again. Sorry Thailand, less money for you.

[Chivas]

8 hours ago, koolkarl said:

Bank of Thailand intervenes all the time, this is not an exception.  The baht is a controlled currency. 

 

Go on then I'll take the bait

[chiang mai]

Folks may want to consider the future implications for THB as a result of what is happening to the YEN.

 

Historically, the Japanese companies in Thailand have not repatriated their profits because Japanese interest rates have been negative, this means the BOJ charges an overnight fee for holding that money. Now that BOJ has raised rates there is an incentive for those companies to repatriate the funds and this means selling Baht to buy YEN. The amount of overseas profit stored by Japanese companies is estimated to be in the region of USD 68 billion although not all of this in in Thailand. Nevertheless, the impact on THB could be significant.

 

[CallumWK]

Hell they should know when to stop intervening. Would now get 1 baht more for my US$ compared to what I got on Monday. Could live a few months from the difference

 

[Gottfrid]

On 10/2/2024 at 9:08 AM, KannikaP said:

So will the price of Wine, Guinness and Volkswagens go down?

Nah, if at is you will be right. The next step, though. Let´s raise the import tax on cars, luxury items, tobacco and alcohol. 😉 

Be sure, they will always find a way. 🤣

[Al BB]

On 10/2/2024 at 10:15 AM, lordgrinz said:

 

The entire article doesn't state what "both these interventions" are, so what are these "interventions"? 

Maybe they meant to say "manipulations" ?  I have compared the Baht (recently on Xe) with a "basket" of currencies, they have all weakened , not just the US Dollar. As someone remarked, MAYBE they are loading up on Dollars at 32 to unload later at Circa 36 to help pay for the 10K Vote Buying ? Who knows, TIT. 

[chiang mai]

The US Dollar Index has been strengthening since Sunday, from 100 to 102 today. I guess this is a flight to safety in advance of Israel's attack on Iran.

[Luka77]

On 10/2/2024 at 1:44 PM, gearbox said:

Press the option on the left "Accept without currency conversion" to withdraw without the 5.5% conversion fee. This attempt to use bad conversion rate is common in many countries.

Thanks for the info, I did withdraw today and pushed the one on the left, it charged me $314 instead of $334. but it still quite a ridicules extra fee. I don't understand why they offer the additional 5.5% fee option, why would they think foreigner want to pay additional 20 dollars. seems like they just want to trick as many as possible by pushing the 5.5 percent option.

[BuddyPish]

On 10/2/2024 at 2:28 PM, koolkarl said:

Bank of Thailand intervenes all the time, this is not an exception.  The baht is a controlled currency. 

 

Utter drivel

[chiang mai]

Just now, BuddyPish said:

 

Utter drivel

Er, not really. THB is not freely convertible, it cannot be freely exported except in very limited amounts, more generously to neighbouring countries but not further afield. And whilst THB is traded on international markets, it is not traded for delivery. In fact, overseas banks are restricted as to how much THB they cam hold, without being cut off from transacting via BOT. BOT has been relaxing these rules over the years but it is still a controlled currency.