Baht currency accounts

[wilson steer]

If you have a Thai Baht Currency Account, you should be aware that if the currency devalues against the US$ /GBP/ EURO or JY you will lose money.

Although Thailand is enjoying a relative steady currency at 42:$1 the future might be less stable.

A currency speculator friend of mine set out his predictions for 2003-2005. It might be wrong but it is worth noting and perhaps adjusting ones position:

AUGUST-DECEMBER 2003   Thai Baht U.S.$  40.1-42.3

JANUARY-JUNE 2004  Thai Baht  U.S.$  40.1-46.5

JUNE-DECEMBER 2004 Thai Baht U.S.$  44.2-47.8

JANUARY-DECEMBER 2005 Thai Baht U.S.$  46.4-59.5

Reasons given; massive inflation in Thailand 2004/5

China devalues the yuan early 2005

So if the above does happen, it would be prudent to perhaps switch to currency accounts; EURO/US$/GBP and minimise Thai Baht cash accounts.

[LPCustom69]

Thanks for the info. I prefer keeping money in the "major" currencies until needed. It wouldn't surprise me to see those figures hit the way things are going. They're going to need to sell a lot of VIP cards to keep things running.

:cool:

[TRIPxCORE]

Reasons given; massive inflation in Thailand 2004/5

China devalues the yuan early 2005

I am a currency trader/investor and there is a lot of debate about China letting the Yuan "float" as they call it.  China is diligently fighting this as they want to keep their exports cheap but they are under a lot of pressure from governments of the world and major international banks to devalue.  China is studying alternatives to the free float of the Yuan to relieve some of the pressure because the Yuan is being kept artificially under-valued.  So a word to the wise, if anybody gets some inside info about China floating the Yuan, be sure to take an advance position in something denominated in Yuan because you will make a nice profit and it should be at least a 30% profit.  I am keeping my ears open and you should do the same.  In the 80's, everybody was trying to get their money out of China, but starting in the 90's many people, especially Hong Kong residents, started pouring all their money into China in the hopes that China was going to lose the peg of Yuan to the Dollar.  Be on the lookout.  I am sure George Soros is keeping an eye on it.

[Rinrada]

When it comes to money its all swings and roundabouts,time and place.

Pound =Baht in Jan. 1989

(actually got Bt.95)

01/24/1998 91.0150

01/25/1998 91.36920

01/26/1998 91.35040

Pound in May 1994.

(only got 33...worse X change rate ever )

04/04/1994 37.14370

04/05/1994 37.04580

04/06/1994 37.19250

Dollar $.(always made 25Bt =$)

04/04/1994 25.2850

04/05/1994 25.270

04/06/1994 25.320

until one day...

01/24/1998 54.50

01/25/1998 54.50

01/26/1998 54.750

You could have got 60Bt=$

:cool:

Could it happen again?

[Roger13]

If you have a Thai Baht Currency Account,

... it would be prudent to perhaps switch to currency accounts; EURO/US$/GBP and minimise Thai Baht cash accounts.

This makes good sense.

So do any of the Local Banks maintain

Foreign Currency Accounts?

(Elsewhere in the Forum there is info

on HSBC having this service in BKK & HK)

What is the possibility of converting into

Foreign Currency those Thai Currency

Deposits held to support Retirement / Marriage Visas ?

Roger