Baht Exchange Rate

[Gatorade]

I would have thought that with all the troubles going on here in Thailand that the Baht

would be at least 65-70 to the UK pound. Today, it is around 57 which is not going to help

the Thai economy at all. I'm not a financial whizz and really don't understand the reason, but in real terms the cost of a 10 million Baht house will now be around 26000 pounds more for someone bringing in money from UK than this time last year. Not sure if other currencies are similarly affected. I know that the world financial crisis must have something to do with all this but I can't figure it out. Anyone know?

[samuibeachcomber]

I dont really know the answer either but i can tell you the aussie dollar has depreciated by 30% against the thai baht.

Am told the bank of thailand keep the thai baht artificially high and not let it float against other currencies to find its own level.

The aussie dollar has dropped through an out flow of investment in australia cos of less demand for its iron ore etc.

The pound has dropped probably cos of the very bad economic situation,the treasurer said he was going to spend his way out of trouble.

[NHJ]

bath isn't a moving currency, the euro has lost almost 20% since two month and this is reflected in the daily exchange rate.

the dollar logically went up by 20% BUT the change is still at 33.96 bath for one dollar.

and you're right it's not going to help economy and money investment, since the begining of the political troubles, the bath should be extremely weak but it's not unfortunately...

[Noodles]

I thinks its to do with pound being weak against alot of currencies now, THB, EUR. USD.

[Tony121]

The baht at the moment seems to move with the dollar all big investors companies etc are taking there money out of foreign stock markets etc and keeping it in cash back in th US this is why the dollar is getting stronger, they are also hedging there fund against the yen and stg this the reason stg has got weaker,

[lazeeboy]

just came from the bank of ayuttaya and the pound was at 55.something ,unbelievable..

[highdiver]

for those interested there is a very elaborate debate about this in the economy section.

as for OP question ... the pound is getting weaker to all major currencies. it seems the BP is loosing grounds and fast...

as for the out come here in samui ... some suggest it will be good when Brits will look else where to invest and thus purchase realty.. some on the other hand suggest they will keep the money close and avoid purchasing.

only future will tell.

[samuiseagull]

The Bank of England Governor (Mervyn King) announced today that the UK is likely to sink into recession in 2009. Meanwhile the Institute of Economic and Social Research also said that the UK was on the brink of its first full recession since 1991. When markets opened this morning the Economic fears then sent the Pound plunging to a five year low against the Dollar. Its currently about 1.62 to the Pound. The Baht today is about 55!!!

It's all very frustrating. The Global Financial turmoil sweeping the World has all developed because of the problems in America...yet there currency is going up and up. Weird.

Can someone lend me a fiver!!!!!!

[Hairy]

It's all very frustrating. The Global Financial turmoil sweeping the World has all developed because of the problems in America...yet there currency is going up and up. Weird.

In the words of a poster on a U.S. financial-crisis board: "We're fuc_ked. They're fuc_ked worse."

[meow_lek]

The Baht today is about 55!!!

Aussie dollar is at 22 baht .. now that hurts..

[goonerthegooner]

The main reason for the weak Pound,Dollar etc,is the Thai Government pump millions of Baht into the currency too make it look strong.They did this years ago and it all went * its' s up,and they had too devalue the Baht.

This will happen soon,Thailand has only limited funds too keep pumping in,the bubble will burst soon.

[southwest19]

I would have thought that with all the troubles going on here in Thailand that the Baht

would be at least 65-70 to the UK pound. Today, it is around 57 which is not going to help

the Thai economy at all. I'm not a financial whizz and really don't understand the reason, but in real terms the cost of a 10 million Baht house will now be around 26000 pounds more for someone bringing in money from UK than this time last year. Not sure if other currencies are similarly affected. I know that the world financial crisis must have something to do with all this but I can't figure it out. Anyone know?

The main reason is that a couple of weeks ago due to the turmoil in the financial markets the European, British and American central banks made an emergency rate cut of 50 basis points and the reason you have seen the currencies weaken is because this cut makes it less attactive to hold these currencies because you receive less interest so you sell those currencies.

The reason why the pound has moved more then most is because there are fears that the recession in the UK will be deeper and longer than in other countries and therefore the Bk of England will need to cut rates alot further and keep them low alot longer to try and stimulate the economy and so foreign investors have reacted by pulling out their capital from the country.

I hope I have explained it clearly enough but also the Samui forum may not be the best place to get what is a good question answered and it does affect alot of people.

[Gatorade]

I would have thought that with all the troubles going on here in Thailand that the Baht

would be at least 65-70 to the UK pound. Today, it is around 57 which is not going to help

the Thai economy at all. I'm not a financial whizz and really don't understand the reason, but in real terms the cost of a 10 million Baht house will now be around 26000 pounds more for someone bringing in money from UK than this time last year. Not sure if other currencies are similarly affected. I know that the world financial crisis must have something to do with all this but I can't figure it out. Anyone know?

The main reason is that a couple of weeks ago due to the turmoil in the financial markets the European, British and American central banks made an emergency rate cut of 50 basis points and the reason you have seen the currencies weaken is because this cut makes it less attactive to hold these currencies because you receive less interest so you sell those currencies.

The reason why the pound has moved more then most is because there are fears that the recession in the UK will be deeper and longer than in other countries and therefore the Bk of England will need to cut rates alot further and keep them low alot longer to try and stimulate the economy and so foreign investors have reacted by pulling out their capital from the country.

I hope I have explained it clearly enough but also the Samui forum may not be the best place to get what is a good question answered and it does affect alot of people.

Thank you SW. You have certainly made things clearer, but as one of the major investors in Thailand is the UK, it surely can't be in Thailands best interest to support an exchange rate which is ultimately harmful to the Thai economy by discouraging investment and tourism. This forum may not be the ideal place to raise this discussion but it does seem that Samui and KP have a very diverse collection of expats who may have a view and are affected by this unfortunate situation.

[pammy123]

Well it is a great time to buy the British Pound, if you can afford to sit on it until the Thai economy collapses. Which it surely will

[Naam]

Well it is a great time to buy the British Pound, if you can afford to sit on it until the Thai economy collapses. Which it surely will

we all have our dreams

[southwest19]

I would have thought that with all the troubles going on here in Thailand that the Baht

would be at least 65-70 to the UK pound. Today, it is around 57 which is not going to help

the Thai economy at all. I'm not a financial whizz and really don't understand the reason, but in real terms the cost of a 10 million Baht house will now be around 26000 pounds more for someone bringing in money from UK than this time last year. Not sure if other currencies are similarly affected. I know that the world financial crisis must have something to do with all this but I can't figure it out. Anyone know?

The main reason is that a couple of weeks ago due to the turmoil in the financial markets the European, British and American central banks made an emergency rate cut of 50 basis points and the reason you have seen the currencies weaken is because this cut makes it less attactive to hold these currencies because you receive less interest so you sell those currencies.

The reason why the pound has moved more then most is because there are fears that the recession in the UK will be deeper and longer than in other countries and therefore the Bk of England will need to cut rates alot further and keep them low alot longer to try and stimulate the economy and so foreign investors have reacted by pulling out their capital from the country.

I hope I have explained it clearly enough but also the Samui forum may not be the best place to get what is a good question answered and it does affect alot of people.

Thank you SW. You have certainly made things clearer, but as one of the major investors in Thailand is the UK, it surely can't be in Thailands best interest to support an exchange rate which is ultimately harmful to the Thai economy by discouraging investment and tourism. This forum may not be the ideal place to raise this discussion but it does seem that Samui and KP have a very diverse collection of expats who may have a view and are affected by this unfortunate situation.

I agree it is not good news but I think there is little Thailand can do at the moment as it is the turmoil in the west which is dictating exchange rates. Ironically the USD has done rather well because it is still the worlds reserve currency and so considered a safe haven so in times of uncertainty you get a flight to the USD but Sterling and the Euro have taken a real battering.

The Asian economies are not immune to a recession in the west i.e. manufacturing slowdown, so maybe next year we will see lower rates here too which will hopefully see the Euro etc regain some ground but for the time being I think it is going to be pretty tough.

[Pilchard]

The Baht today is about 55!!!

Aussie dollar is at 22 baht .. now that hurts..

Aussie @ 20 today

The Pound @ 53

My Beer is getting more expensive by the day !

http://www.scb.co.th/html/exchange/bk-txtexchange.htm

[tommyj4]

Pound will keep falling as the economy worsens and government statements about recession hit the headlines. BOE need to increase interest rates in the UK but wont, another immenent cut next month will see the pound fall yet again, probably down to 48/49 baht...good news the Thai government may devalue the Baht, but not enough to recover the 30%-35% loss we have seen in the last year or so....gotta get used to 50 baht/1 pound for the next 2-3 years...

[BusyBee123]

short term changes in the baht don't bother me, recession doesn't bother me either, i must have slept through the last one in '91 as that didn't affect me either,

[mattias33]

For the first time i understand the concept of "strong Baht" since of today the baht is expensive even with Swedich money. For the last years i heard Americans talking about strong baht and i felt sorry for the guys. The Swedich krona was stronger than ever and i´m use to paying 19 for 100 baht. Now i´m looking forward (NOT!) to move some cash here again and was sad to see 100 baht will cost me 23! Seem to be a bigtime economic crisis in major parts of the world?

As a real salt in the wounds the Swedich stockmarket did a dive with 6,6 % today, apperently it was some kind of a record. "worst day since 1929" when there was a similar day. Ironicly also october 24.

Well, let´s not count how much we lost today, let´s have a beer and a smile instead! .

[scattytat]

Swept the high street today as i am coming over to Thailand soon, all major travel agents here are offering 48 Baht to the pound... the Post Office is offering 50 Baht Anyone know what exchange rates the ATMs in Thailand are offering? Might have to take my chances at this rate!

[tommyj4]

Swept the high street today as i am coming over to Thailand soon, all major travel agents here are offering 48 Baht to the pound... the Post Office is offering 50 Baht Anyone know what exchange rates the ATMs in Thailand are offering? Might have to take my chances at this rate!

Depends which bank you use. Nationwide pay one of the best rates & do not charge. If you are here for a while contemplate taking the rate now as next month will see another drop when interest rates are cut. If another emegency cut is made or the proposed 0.5% - 1.0% that has been discussed in the latter hours of today, that will lead to a 7% -10% drop. 50baht/1 pound earlier today is extremely looking like 40 baht/1 pound in the not so distant future.

[BusyBee123]

nothing like an amateur economist to make me laugh

[tommyj4]

whats your outlook....do you feel the pound will get stronger, give us your experienced opinion

[BusyBee123]

i'm cash only baby, those in the market are pure losers, stick to cash for the next 12 months

[tommyj4]

What cash....baht, dollar, yen, pound, euro??????????

[Gatorade]

i'm cash only baby, those in the market are pure losers, stick to cash for the next 12 months

Don't gloat. If the Baht is devalued your stash under the bed will soon evaporate.

[tommyj4]

Anybody that comes here for a few weeks once or twice a year as busybee does wouldnt stash Baht under the matress....he must be in pounds, euros, dollars...whatever, he will feel the pinch when he is here next time....

[BEENTHEREDONETHAT]

i'm cash only baby, those in the market are pure losers, stick to cash for the next 12 months

Which cash would that be, not zimbabwe dollars I hope?

[tommyj4]

New low....only offering 51 in the bureau de change