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Thai Baht Weakens On Market Concerns Over Applying Security Act

webfact

By webfact
in Thailand News

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webfact Grand Master Member

webfact

Posted
Posted

Baht weakens on market concerns over applying security act

BANGKOK (TNA) -- Thailand's baht currency has weakened temporarily due to market concerns in response to Tuesday's Cabinet decision to invoke the Internal Security Act in the capital and its environs to prevent possible violence from political rallies by Red Shirt demonstrators, according to the Bank of Thailand (BoT).

Wongwatoo Potirat, senior director of the BoT Financial Markets and Reserve Management Department, said the currency depreciation also stemmed from an adjustment of the foreign currency position by commercial banks.

The central bank sees nothing out of order in the foreign capital outflow, she said. Foreign investors still had a net buy in the trading on the Stock Exchange of Thailand (SET).

Ms Wongwatoo said the bank is not greatly worried about the current baht movement since it is not very volatile.

“The baht has depreciated slightly due chiefly to local factors. It will last only temporarily. There is nothing to worry about regarding external factors," she said.

"The bank will continue monitoring the situation," she said, "but it wants to see the market move normally based on the situation at that time”. (TNA)

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-- TNA 2010-03-10

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webfact Grand Master Member

webfact

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BoT downplays impact of ISA to economy

BANGKOK (NNT) -- The Bank of Thailand (BoT) has played down concerns that the confidence of investors will be substantially impacted following the Cabinet's decision to enforce the Internal Security Act (ISA) for the anti-government demonstrations planned for this weekend.

Mr Suchart Sakkankosone, Senior Director of the Bank of Thailand's Domestic Economy Department, admitted today that public spending and investor confidence would be slightly affected in the short term by this week's planed anti-government protests.

He assured that adjustments would be made quickly as businesses already have experience with responding to rallies.

However, he noted that the tourism sector must be closely monitored due to the fact that declining revenues in the industry could directly influence GDP growth.

The BoT is scheduled to raise the domestic politics and economics impact issue to discussions at the meeting of the Monetary Policy Committee (MPC) on 10 March.

The Cabinet has agreed to invoke the ISA from 11 to 23 March 2010 to maintain peace and order during the major mass rally of the anti-government United Front of Democracy Against Dictatorship (UDD).

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-- NNT 2010-03-10

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ManilaLover Silver Member

ManilaLover

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Does anyone know when the banks will be told of this weakening?????

The rates haven't changed one satang from yesterday ........ at least at the Bkk Bnk website......

Same here, the currency exhange widget on my iGoogle homepage still give 44,4b for a Euro... not impressed !

:-(

Back to 52 !!!!!!!!

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JezQ Rookie Member

JezQ

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Does anyone know when the banks will be told of this weakening?????

The rates haven't changed one satang from yesterday ........ at least at the Bkk Bnk website......

Actually the baht has strengthened against the GBP today. I have seen no 'weakening' of the baht at all. As I write (09.49 - 10 Mar 2010) 1 GBP = 48.96

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chiang mai Star Member

chiang mai

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Does anyone know when the banks will be told of this weakening?????

The rates haven't changed one satang from yesterday ........ at least at the Bkk Bnk website......

Actually the baht has strengthened against the GBP today. I have seen no 'weakening' of the baht at all. As I write (09.49 - 10 Mar 2010) 1 GBP = 48.96

The average of all Thai bank GBP/THB rates is 48.67 (10:10 on same date), I think you're probably looking at XE rates which shows spot or midpoint rates. http://bankexchangerates.daytodaydata.net/default.aspx

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chiang mai Star Member

chiang mai

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The Baht did weaken a small amount against USD but I don't see that it moved perceptibly against other currencies. Take a look at the graph function of an of the banks listed on my earlier thread and you'll see the small change.

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BigC Ruby Member

BigC

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Does anyone know when the banks will be told of this weakening?????

The rates haven't changed one satang from yesterday ........ at least at the Bkk Bnk website......

yep sounds like a load of rubbish still 48 to the pound

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RKASA Platinum Member

RKASA

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They must be referring about the slight blip down yesterday, after the prior 7-10 days showed the baht strengthening. Wonder what the reason is for this announcement from the BOT?

Someone put a mic in his face :)

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chiang mai Star Member

chiang mai

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Thai Baht currency exchange rates:

http://baht.thaivisa.com

That looks like XE rates but am unsure - there is however a big difference between the rates shown there on GBP/THB at 48.16 and the rates at any of the Thai banks of 48.67. Do we know why?

Indeed we do Chiang Mai, it's because the TV exchange rates site quotes spot or mid market rates whereas the site you quoted displays the cost to purchase currencies, hence the large difference!

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nevermore93 Explorer Member

nevermore93

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As of yet, I have not been impressed by any significant changes in the value against the USD. It will take alot more than a few hundredths of a baht for me to make any changes in my financial holdings. Looks like business as usual for the time being, but I'll keep an eye on it.

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kimamey Ruby Member

kimamey

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Thai Baht currency exchange rates:

http://baht.thaivisa.com

That looks like XE rates but am unsure - there is however a big difference between the rates shown there on GBP/THB at 48.16 and the rates at any of the Thai banks of 48.67. Do we know why?

You have to look at what rate you can get for a given amount. It will be better for larger amounts. Sites like XE show mid market rates so buying and selling rates will be either side of that

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aras Explorer Member

aras

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let's march to 200 bht for a euro that would really make me happy lol :):D

come on red, yellow, green and no shirts.. kick each others asses for a few days and than kiss up....just long enough for my kinda exchange rate.

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scotbeve Gold Member

scotbeve

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let's march to 200 bht for a euro that would really make me happy lol :):D

come on red, yellow, green and no shirts.. kick each others asses for a few days and than kiss up....just long enough for my kinda exchange rate.

No need to get greedy.... 100 is a nice round number!!

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