Finance Minister Korn Wants To See Baht Weaken

[george]

Finance Minister Korn wants to see baht weaken

BANGKOK: -- Finance Minister Korn Chatikavanij on Monday indicated the ministry wanted the baht to depreciate so it could help boost exports and the economic recovery.

However, he conceded it is the duty of the Bank of Thailand (BoT) to supervise the baht movement.

On one hand, he said the stronger baht had negatively affected the country’s exports, but in the other hand, the appreciation of the currency helped ease oil import burdens amid rising fuel prices.

Asked to comment on the private sector’s call for the government to cut the corporate tax, Mr. Korn said he harboured the idea when assuming the finance portfolio since he had the view the corporate tax in Thailand is higher than that of neighboring countries.

Still, the economic conditions at that time were not favourable enough to reduce the tax.

“Should the economy signal a recovery, I will consider reducing the corporate tax to 25 per cent from 30 per cent at present as part of efforts to encourage private investment,” he said.

The minister said he had discussed with the prime minister and the energy minister regarding a way to help ease people’s burdens borne by rising oil prices.

“We share a common view if diesel prices increase to hit a ceiling of 30 baht per litre, the government will consider cutting the oil excise tax and contributions to the State Oil Fund to help ease people’s burdens.

-- TNA 2009-08-05

[pepi2005]

He forgot to add that such a policy might help tourism even more than all the quadrillions of Baht they have pumped into the TAT and all those (already overpriced) hotels without any remarkable effect (who really wondered about that?) !

Combined with (serious) "crackdowns" against double-pricing, corruption and blackmailing, bureaucracy etc. this might actually boost Thailand in turning into a 2nd world country!

[dale8]

Hello, I agree that the baht should weaken to help Thai exports and to help the tourism industry that is so bad in Thailand now. More foreigners will see that they can get more for their money in Thailand with a weaker baht, and the Thai government like to control the food prices so maybe the inflation will jot be as bad for the Thai people. Cheers.

[caf]

Against sterling it has been already been weakening over the last three months

Yesterday it was at its lowest

And the reason can hardly be that sterling is getting stronger.

[fiddlehead]

I've been hearing this for years.

I'll believe it when i see it.

I really don't think they do any manipulating as a strong baht is good for some and bad for others.

Sure it's bad for us (expats) but, do you really think they care about that?

[givenall]

Finance Minister Korn wants to see baht weaken

BANGKOK: -- Finance Minister Korn Chatikavanij on Monday indicated the ministry wanted the baht to depreciate so it could help boost exports and the economic recovery.

However, he conceded it is the duty of the Bank of Thailand (BoT) to supervise the baht movement.

On one hand, he said the stronger baht had negatively affected the country's exports, but in the other hand, the appreciation of the currency helped ease oil import burdens amid rising fuel prices.

Asked to comment on the private sector's call for the government to cut the corporate tax, Mr. Korn said he harboured the idea when assuming the finance portfolio since he had the view the corporate tax in Thailand is higher than that of neighboring countries.

Still, the economic conditions at that time were not favourable enough to reduce the tax.

"Should the economy signal a recovery, I will consider reducing the corporate tax to 25 per cent from 30 per cent at present as part of efforts to encourage private investment," he said.

The minister said he had discussed with the prime minister and the energy minister regarding a way to help ease people's burdens borne by rising oil prices.

"We share a common view if diesel prices increase to hit a ceiling of 30 baht per litre, the government will consider cutting the oil excise tax and contributions to the State Oil Fund to help ease people's burdens.

-- TNA 2009-08-05

so what is his angle?

[naboo]

Against sterling it has been already been weakening over the last three months

Yesterday it was at its lowest

And the reason can hardly be that sterling is getting stronger.

Hmmm.

In December, the pound was at $1.35 ish. Now its at $1.70. The BBC website is reporting the pound being at its strongest against the dollar for 9 months.

Why make clueless statements without looking up the info first? A simple look at the pound on the BBC website shows it is at its highest now for months against many currencies.

Unless you post was some kind of sarcasm I've missed entirely.

[chiang mai]

Agreed, GBP has strengthened and that largely accounts for it gaining on THB - exactly why GBP should have gained as it has is something of a mystery to me, I accept that it overshot against USD when it fell to 1.30 but I'm surprised to see it gain back so much. After all, there's not a lot of really good news coming out of the UK apart from the rise in the PMI and a reduction in the price falls of UK property - QE is still underway, unemployment is rising and many of the banks are still reporting large losses so I fail to see why it has strengthened as it has. Anyone?

[Steve2UK]

Agreed, GBP has strengthened and that largely accounts for it gaining on THB - exactly why GBP should have gained as it has is something of a mystery to me, I accept that it overshot against USD when it fell to 1.30 but I'm surprised to see it gain back so much. After all, there's not a lot of really good news coming out of the UK apart from the rise in the PMI and a reduction in the price falls of UK property - QE is still underway, unemployment is rising and many of the banks are still reporting large losses so I fail to see why it has strengthened as it has. Anyone?

http://news.bbc.co.uk/2/hi/business/8185300.stm

Most analysts that I've seen on Bloomberg have been saying since early July that sterling has been oversold and was due for a significant rebound. Yep, I know - put 3 economists in a room and you'll get 5-6 opinions, but even so.......... FWIW, I think it also connects to perceived US$ weakness.

House prices reported to be rising again (according to both Halifax and Nationwide) - though a large element of that is said to be due to shortage of supply.

[animatic]

Finance Minister Korn wants to see baht weaken

BANGKOK: -- Finance Minister Korn Chatikavanij on Monday indicated the ministry wanted the baht to depreciate so it could help boost exports and the economic recovery.

However, he conceded it is the duty of the Bank of Thailand (BoT) to supervise the baht movement.

On one hand, he said the stronger baht had negatively affected the country's exports, but in the other hand, the appreciation of the currency helped ease oil import burdens amid rising fuel prices.

Asked to comment on the private sector's call for the government to cut the corporate tax, Mr. Korn said he harboured the idea when assuming the finance portfolio since he had the view the corporate tax in Thailand is higher than that of neighboring countries.

Still, the economic conditions at that time were not favourable enough to reduce the tax.

"Should the economy signal a recovery, I will consider reducing the corporate tax to 25 per cent from 30 per cent at present as part of efforts to encourage private investment," he said.

The minister said he had discussed with the prime minister and the energy minister regarding a way to help ease people's burdens borne by rising oil prices.

"We share a common view if diesel prices increase to hit a ceiling of 30 baht per litre, the government will consider cutting the oil excise tax and contributions to the State Oil Fund to help ease people's burdens.

-- TNA 2009-08-05

so what is his angle?

No much of anywhere else to go.

The economy go to tightly tied to exports, and no exports = no economic growth.

If the baht weakens on a controlled fashion to something like 40 to $ were it was 4 years back,

the USA and others are likely to increase 'some purchasing', right now orders are on hold.

Something has to be seen externally to start purchasing moving again,

and roadshows are not going to TALK them into anything.

Being able to turn a profit is the only thing buyers are caring about.

And yes the moribund toursist industry needs something to give it a little hope.

But this needs to be slow and smooth and nothing to panic neighbors and the local currency basket. etc.

[caf]

I've been hearing this for years.

I'll believe it when i see it.

I really don't think they do any manipulating as a strong baht is good for some and bad for others.

Sure it's bad for us (expats) but, do you really think they care about that?

what's your view on the 120 day low on the sterling-baht then? that's actually a fact

and all countries trade their currency to manipulate the rate.

the thais have been must been throwing buckets loads of baht to buy other currencies. that can't go on.

[caf]

I've been hearing this for years.

I'll believe it when i see it.

I really don't think they do any manipulating as a strong baht is good for some and bad for others.

Sure it's bad for us (expats) but, do you really think they care about that?

what's your view on the 120 day low on the sterling-baht then? that's actually a fact

and all countries trade their currency to manipulate the rate.

the thais have been must been throwing buckets loads of baht to buy other currencies. that can't go on.

[caf]

Agreed, GBP has strengthened and that largely accounts for it gaining on THB - exactly why GBP should have gained as it has is something of a mystery to me, I accept that it overshot against USD when it fell to 1.30 but I'm surprised to see it gain back so much. After all, there's not a lot of really good news coming out of the UK apart from the rise in the PMI and a reduction in the price falls of UK property - QE is still underway, unemployment is rising and many of the banks are still reporting large losses so I fail to see why it has strengthened as it has. Anyone?

It's not the gbp strenthening , it's the baht weakening

that's why the baht is at a 120 day high against sterling

as i said it can't be sterling strenthening

[caf]

Against sterling it has been already been weakening over the last three months

Yesterday it was at its lowest

And the reason can hardly be that sterling is getting stronger.

Hmmm.

In December, the pound was at $1.35 ish. Now its at $1.70. The BBC website is reporting the pound being at its strongest against the dollar for 9 months.

Why make clueless statements without looking up the info first? A simple look at the pound on the BBC website shows it is at its highest now for months against many currencies.

Unless you post was some kind of sarcasm I've missed entirely.

Check the gbp - baht rates for yourself over the last 120 days.

you are the clueless one, sunshine. and don't flame on this forum

[naboo]

Check the gbp - baht rates for yourself over the last 120 days.

you are the clueless one, sunshine. and don't flame on this forum

Its not the Baht weakening as you said, its the pound strengthening. Check the pound against other currencies, its rising against them all, but the Baht is fairly static against the likes of the US Dollar and the Euro. Its the same arguments Brits were having when the pound fell, saying the Baht was too strong. No, it was the pound being weak.

Over the last year, the Baht has been pretty flat on the grand scale of things against the world reserve currency, the dollar, not fluctuating more than 10%. The pound, however, lost 30% against the dollar and has now strengthened back to 85% of its initial value.

Its a perspective of all currencies you need to look at when you consider the strength of various currencies.

There you go, not flaming you, explaining why you are wrong which I failed to do fully enough earlier on. I apologise for sounding like a <deleted>.

[chiang mai]

Agreed, GBP has strengthened and that largely accounts for it gaining on THB - exactly why GBP should have gained as it has is something of a mystery to me, I accept that it overshot against USD when it fell to 1.30 but I'm surprised to see it gain back so much. After all, there's not a lot of really good news coming out of the UK apart from the rise in the PMI and a reduction in the price falls of UK property - QE is still underway, unemployment is rising and many of the banks are still reporting large losses so I fail to see why it has strengthened as it has. Anyone?

It's not the gbp strenthening , it's the baht weakening

that's why the baht is at a 120 day high against sterling

as i said it can't be sterling strenthening

It's USD weakening against GBP that translates into more Baht per Pound, there is no direct FOREX market for GBP/THB. As a result it is correct to say that GBP is strengthening.

[chiang mai]

Against sterling it has been already been weakening over the last three months

Yesterday it was at its lowest

And the reason can hardly be that sterling is getting stronger.

Hmmm.

In December, the pound was at $1.35 ish. Now its at $1.70. The BBC website is reporting the pound being at its strongest against the dollar for 9 months.

Why make clueless statements without looking up the info first? A simple look at the pound on the BBC website shows it is at its highest now for months against many currencies.

Unless you post was some kind of sarcasm I've missed entirely.

Check the gbp - baht rates for yourself over the last 120 days.

you are the clueless one, sunshine. and don't flame on this forum

GBP/THB rates are largely meaningless, USD/THB and GBP/USD rates will paint a more accurate picture.

[hansnl]

All posters seem to look only into Baht, US-Dollar and Pounds.

What everybody seems to forget, is the influence of the Euro on USD and GBP.

Slowly, there is a worldwide movement from Dollar into Euro.

Many countries don't put everything into the Dollar basket, but in a mixed basket, including the Euro.

Have a look at the Euro-Baht movements.

When the Euro started in 2002 it was less than 40 Baht for a Euro.

The value crept up slowly until just before the crisis when the going rate was around 48 baht for a Euro.

Went up when the crisis started to 51 baht.

Went down to 46 Baht, and now the Euro is back to 48+ baht

That might be that the Baht depreciated against the Euro.

But then the Euro-Dollar and Euro-Pound rates are more or less stable, be it that the pound made a big dip some time ago.

All that said, I am convinced that like trading in shares and oil, trading in currencies is trading in fried air.

[caf]

Check the gbp - baht rates for yourself over the last 120 days.

you are the clueless one, sunshine. and don't flame on this forum

Its not the Baht weakening as you said, its the pound strengthening. Check the pound against other currencies, its rising against them all, but the Baht is fairly static against the likes of the US Dollar and the Euro. Its the same arguments Brits were having when the pound fell, saying the Baht was too strong. No, it was the pound being weak.

Over the last year, the Baht has been pretty flat on the grand scale of things against the world reserve currency, the dollar, not fluctuating more than 10%. The pound, however, lost 30% against the dollar and has now strengthened back to 85% of its initial value.

Its a perspective of all currencies you need to look at when you consider the strength of various currencies.

There you go, not flaming you, explaining why you are wrong which I failed to do fully enough earlier on. I apologise for sounding like a <deleted>.

So what are the fundamentals that are causing the pound to be so strong? QE, confidence in the government, debt levels, financoal controls............

[chiang mai]

Check the gbp - baht rates for yourself over the last 120 days.

you are the clueless one, sunshine. and don't flame on this forum

Its not the Baht weakening as you said, its the pound strengthening. Check the pound against other currencies, its rising against them all, but the Baht is fairly static against the likes of the US Dollar and the Euro. Its the same arguments Brits were having when the pound fell, saying the Baht was too strong. No, it was the pound being weak.

Over the last year, the Baht has been pretty flat on the grand scale of things against the world reserve currency, the dollar, not fluctuating more than 10%. The pound, however, lost 30% against the dollar and has now strengthened back to 85% of its initial value.

Its a perspective of all currencies you need to look at when you consider the strength of various currencies.

There you go, not flaming you, explaining why you are wrong which I failed to do fully enough earlier on. I apologise for sounding like a <deleted>.

So what are the fundamentals that are causing the pound to be so strong? QE, confidence in the government, debt levels, financoal controls............

The answer appears to be self evident this morning, yesterday GBP/USD was around 69-70, then the bank announced it would continue with a further GBP50bill of QE, today GBP/USD is 67. I think the short answer is market confidence.

[chiang mai]

All posters seem to look only into Baht, US-Dollar and Pounds.

What everybody seems to forget, is the influence of the Euro on USD and GBP.

Slowly, there is a worldwide movement from Dollar into Euro.

Many countries don't put everything into the Dollar basket, but in a mixed basket, including the Euro.

Have a look at the Euro-Baht movements.

When the Euro started in 2002 it was less than 40 Baht for a Euro.

The value crept up slowly until just before the crisis when the going rate was around 48 baht for a Euro.

Went up when the crisis started to 51 baht.

Went down to 46 Baht, and now the Euro is back to 48+ baht

That might be that the Baht depreciated against the Euro.

But then the Euro-Dollar and Euro-Pound rates are more or less stable, be it that the pound made a big dip some time ago.

All that said, I am convinced that like trading in shares and oil, trading in currencies is trading in fried air.

I can agree with some of what you said although let's be clear, the Euro does not have an influence on USD or GBP - there is however a desire by the two respective central banks and governments to keep the relationship of USD and GBP within a certain range relative to the Euro, that's all.

Also, the currency that will have the most impact on say THB is the one that is used to settle trade bills (USD) and the currency in which home foreign reserves are held (USD). You are correct to say however that many countries such as Thailand have taken steps to diversify away from a single currency such as USD and to hold a basket of currencies which includes the Euro and of late, Yuan.

[caf]

Check the gbp - baht rates for yourself over the last 120 days.

you are the clueless one, sunshine. and don't flame on this forum

Its not the Baht weakening as you said, its the pound strengthening. Check the pound against other currencies, its rising against them all, but the Baht is fairly static against the likes of the US Dollar and the Euro. Its the same arguments Brits were having when the pound fell, saying the Baht was too strong. No, it was the pound being weak.

Over the last year, the Baht has been pretty flat on the grand scale of things against the world reserve currency, the dollar, not fluctuating more than 10%. The pound, however, lost 30% against the dollar and has now strengthened back to 85% of its initial value.

Its a perspective of all currencies you need to look at when you consider the strength of various currencies.

There you go, not flaming you, explaining why you are wrong which I failed to do fully enough earlier on. I apologise for sounding like a <deleted>.

So what are the fundamentals that are causing the pound to be so strong? QE, confidence in the government, debt levels, financoal controls............

The answer appears to be self evident this morning, yesterday GBP/USD was around 69-70, then the bank announced it would continue with a further GBP50bill of QE, today GBP/USD is 67. I think the short answer is market confidence.

You said in previous posts that the rate showed sterling strenth, which i disagreed with. Now today you are saying that there is a lack of market confidence. Sterling has been weak for some time. The baht has showed even greater underlying weakness. That does not show sterling is strong just that it is not perceived as being as weak as the baht. Hence the 120 day trend.

The continuation of the 50b QE had been discounted when the Treasury first announced the long term QE facility. It may not have been expected yesterday but it was already on the cards since the first announcement.

I may be wrong but my view is that it is more than lack of market confidence. long term inflationary fears and political instability (though not as great as Thailand where I think it is a more signifiacnt factor).

Markets have built in change in both countries

Just my view. I'll keep watching the trend and forward positions.

[chiang mai]

You said in previous posts that the rate showed sterling strenth, which i disagreed with. Now today you are saying that there is a lack of market confidence. Sterling has been weak for some time. The baht has showed even greater underlying weakness. That does not show sterling is strong just that it is not perceived as being as weak as the baht. Hence the 120 day trend.

The continuation of the 50b QE had been discounted when the Treasury first announced the long term QE facility. It may not have been expected yesterday but it was already on the cards since the first announcement.

I may be wrong but my view is that it is more than lack of market confidence. long term inflationary fears and political instability (though not as great as Thailand where I think it is a more signifiacnt factor).

Markets have built in change in both countries

Just my view. I'll keep watching the trend and forward positions.

Not so, BOE surprised markets and the result was .... See below:

http://blogs.telegraph.co.uk/finance/edmun...-markets-again/

[caf]

You said in previous posts that the rate showed sterling strenth, which i disagreed with. Now today you are saying that there is a lack of market confidence. Sterling has been weak for some time. The baht has showed even greater underlying weakness. That does not show sterling is strong just that it is not perceived as being as weak as the baht. Hence the 120 day trend.

The continuation of the 50b QE had been discounted when the Treasury first announced the long term QE facility. It may not have been expected yesterday but it was already on the cards since the first announcement.

I may be wrong but my view is that it is more than lack of market confidence. long term inflationary fears and political instability (though not as great as Thailand where I think it is a more signifiacnt factor).

Markets have built in change in both countries

Just my view. I'll keep watching the trend and forward positions.

Not so, BOE surprised markets and the result was .... See below:

http://blogs.telegraph.co.uk/finance/edmun...-markets-again/

i already said it wasn't expected yesterday - see above

i know what the media were saying but i think it was no surprise to markets as this was factored in. the 120 day trend sterling baht rate went down by 54 satang. it would have been much more if no factoring had occured. that small change shows sterling is still weak and has been for some time relative to the baht. i don't acceptb your previous view that sterling is strong but let's agree to disagree.

what everyone will watch is the exchange rate not commentator's views.

[chiang mai]

You said in previous posts that the rate showed sterling strenth, which i disagreed with. Now today you are saying that there is a lack of market confidence. Sterling has been weak for some time. The baht has showed even greater underlying weakness. That does not show sterling is strong just that it is not perceived as being as weak as the baht. Hence the 120 day trend.

The continuation of the 50b QE had been discounted when the Treasury first announced the long term QE facility. It may not have been expected yesterday but it was already on the cards since the first announcement.

I may be wrong but my view is that it is more than lack of market confidence. long term inflationary fears and political instability (though not as great as Thailand where I think it is a more signifiacnt factor).

Markets have built in change in both countries

Just my view. I'll keep watching the trend and forward positions.

Not so, BOE surprised markets and the result was .... See below:

http://blogs.telegraph.co.uk/finance/edmun...-markets-again/

i already said it wasn't expected yesterday - see above

i know what the media were saying but i think it was no surprise to markets as this was factored in. the 120 day trend sterling baht rate went down by 54 satang. it would have been much more if no factoring had occured. that small change shows sterling is still weak and has been for some time relative to the baht. i don't acceptb your previous view that sterling is strong but let's agree to disagree.

what everyone will watch is the exchange rate not commentator's views.

Ah, now I understand, you're watching GBP/THB. If that's the case then I can't guess what the reaction might have been since THB is driven by USD - GBP/USD fell by two and a half cents on the news and that was my indicator. I think however that watching GBP/THB is misleading since that rate is a bi-product of other rate relationships. But whatever makes you happy, go for it.

[Hermano Lobo]

Strewth this lot are slow.

Korn is the ultimate bean counter.

It is likely that the Super-Rich of Thailand want a strong Baht to trade in Dollars, Euros and Swiss Franks.

When they have their little nest egg sorted, they will let the Baht fall.

But then it will be too late.

No exports.

No tourists.

No jobs.

Meltdown.

Morons !

[caf]

Strewth this lot are slow.

Korn is the ultimate bean counter.

It is likely that the Super-Rich of Thailand want a strong Baht to trade in Dollars, Euros and Swiss Franks.

When they have their little nest egg sorted, they will let the Baht fall.

But then it will be too late.

No exports.

No tourists.

No jobs.

Meltdown.

Morons !

You're right but I think the fall is coming now not later. They've made the pile alraedy. The better guide are looking at the actual exchange rates not the commentaries.

[caf]

You said in previous posts that the rate showed sterling strenth, which i disagreed with. Now today you are saying that there is a lack of market confidence. Sterling has been weak for some time. The baht has showed even greater underlying weakness. That does not show sterling is strong just that it is not perceived as being as weak as the baht. Hence the 120 day trend.

The continuation of the 50b QE had been discounted when the Treasury first announced the long term QE facility. It may not have been expected yesterday but it was already on the cards since the first announcement.

I may be wrong but my view is that it is more than lack of market confidence. long term inflationary fears and political instability (though not as great as Thailand where I think it is a more signifiacnt factor).

Markets have built in change in both countries

Just my view. I'll keep watching the trend and forward positions.

Not so, BOE surprised markets and the result was .... See below:

http://blogs.telegraph.co.uk/finance/edmun...-markets-again/

i already said it wasn't expected yesterday - see above

i know what the media were saying but i think it was no surprise to markets as this was factored in. the 120 day trend sterling baht rate went down by 54 satang. it would have been much more if no factoring had occured. that small change shows sterling is still weak and has been for some time relative to the baht. i don't acceptb your previous view that sterling is strong but let's agree to disagree.

what everyone will watch is the exchange rate not commentator's views.

Ah, now I understand, you're watching GBP/THB. If that's the case then I can't guess what the reaction might have been since THB is driven by USD - GBP/USD fell by two and a half cents on the news and that was my indicator. I think however that watching GBP/THB is misleading since that rate is a bi-product of other rate relationships. But whatever makes you happy, go for it.

Has anyone gained by the strengthening baht and are now letting it weaken? I have a view on that. Does anyone else? It happened during the last crisis - for those who were around they may remember.

I haven't made a killing but I have made money over the present situation. I think the baht is going to fall big time. And fall more than sterling or the dollar.

[chiang mai]

You said in previous posts that the rate showed sterling strenth, which i disagreed with. Now today you are saying that there is a lack of market confidence. Sterling has been weak for some time. The baht has showed even greater underlying weakness. That does not show sterling is strong just that it is not perceived as being as weak as the baht. Hence the 120 day trend.

The continuation of the 50b QE had been discounted when the Treasury first announced the long term QE facility. It may not have been expected yesterday but it was already on the cards since the first announcement.

I may be wrong but my view is that it is more than lack of market confidence. long term inflationary fears and political instability (though not as great as Thailand where I think it is a more signifiacnt factor).

Markets have built in change in both countries

Just my view. I'll keep watching the trend and forward positions.

Not so, BOE surprised markets and the result was .... See below:

http://blogs.telegraph.co.uk/finance/edmun...-markets-again/

i already said it wasn't expected yesterday - see above

i know what the media were saying but i think it was no surprise to markets as this was factored in. the 120 day trend sterling baht rate went down by 54 satang. it would have been much more if no factoring had occured. that small change shows sterling is still weak and has been for some time relative to the baht. i don't acceptb your previous view that sterling is strong but let's agree to disagree.

what everyone will watch is the exchange rate not commentator's views.

Ah, now I understand, you're watching GBP/THB. If that's the case then I can't guess what the reaction might have been since THB is driven by USD - GBP/USD fell by two and a half cents on the news and that was my indicator. I think however that watching GBP/THB is misleading since that rate is a bi-product of other rate relationships. But whatever makes you happy, go for it.

Has anyone gained by the strengthening baht and are now letting it weaken? I have a view on that. Does anyone else? It happened during the last crisis - for those who were around they may remember.

I haven't made a killing but I have made money over the present situation. I think the baht is going to fall big time. And fall more than sterling or the dollar.

I'll be interested to hear your theory on this. Interesting article in the Bangkok Post today that suggests the true value of USD/THB is 38, using the PPP Index.

[Zstarx]

Happy days if you are an Aussie, 28 and rising fast!! Reduced the cost of my parasite wife by 25% in the last 5 months.