Govt Debt Policy Will Make The Thai Currency 'Worthless'

[Naam]

When I first starting coming to Thailand regularly, there were 44 THB to the $. my friend, that was stationed at the US base in Udon in the early 70s told me there were 2 THB to a nickel so that works out to 40 THB to the $. The lowest point for exchange I remember was about 2005-2006 when there were about 26 or 27 THB to the $. Naturally, that's when my house was under construction.

please... no figures out of thin air!

in the early 70s till 1985 one US-Dollar fetched 20 (not 40) Baht. moreover, in 2005 and 2006 the rate was never in the 20s for one Dollar. THB high was 35.18 and low 42.12

[Naam]

The baht is over-valued by at least 4-5 baht per dollar. It has been artificially high for at least 10 years now and realistically should be in the 35-37 to 1 USD range.

The Thai Baht is a ‘floating’ currency is 'worth' exactly what you get as a relative exchange rate every day.

Governments rarely trade in the open market to affect the exchange rate, one of the main reasons is that they need enormous foreign reserves to trade … and Thailand certainly doesn’t have that.

So how exactly has the Thai Baht been kept artificially high for at least 10 years now and how do you arrive at your estimate of the exchange rate being inaccurate given that billions of Baht are traded every week and the currency’s value is determined by both he buyer and seller … neither of which is a government.

central banks can, by intervention (selling or buying domestic currency against other currencies) influence up to a certain extent the exchange. in the case of Thai Baht, the Bank of Thailand did its best not to let the Baht appreciate by selling Baht in the open market or by other means, e.g. the two-tier system introduced after the military coup in 2006 which nearly lasted for two years.

clear evidence that Baht appreciation is "hampered" by the BoT are the bulging foreign currency reserves which are not in line with Thai exports and imports.

The Thai Baht is a ‘floating’ currency is 'worth' exactly what you get as a relative exchange rate every day.

that is only partly correct because restrictions trading and holding Thai Baht offshore still apply. individual foreign banks and their clients outside Thailand are limited to hold max THB 20 million at the end of each trading day. any exceeding amount has to be converted into US-Dollars.

one of the main reasons is that they need enormous foreign reserves to trade … and Thailand certainly doesn’t have that.

in relation to the Mickey Mouse currency Thai Baht the forex reserves of the BoT (US-Dollar 180 billion) are enormous.

Edited January 5, 2012 by Naam

[chooka]

Typical how posters are just interested in their currency,s rate to the baht.Expat retirees no doubt.Some of us are working here and have salaries in baht so dont want the country,s currency devalued.

Posted with Thaivisa App http://apps.thaivisa.com

Indeed - sure, the retired lot will be 'happy', since their founds will cover more locally produced beer and lap-dances, but most of us that live and work here not only would like to see that our salaries aren't gutted in the global market comparably (opens up for so much renegotiation about contracts) but also that the imported goods we purchase (of which there are a lot, both technology and food) don't have their prices shoot up through the roof.

Not all the expats spend thier funds on beer and bargirls, some of us have never even seen a bargirl in action and wouldn't know where to find one. Your stereotyping expats as drunken sexpats. These are generally the tourists and not the family guys in Thailand.

"The laddy doth protest too much, methinks." (Shakespeare's Hamlet, Act III, scene II.)

Possibly, you just need to get out more. Every village I have visited has some form of bar with accompanying services. If you can speak a little Thai, you will usually be most welcome as farangs are all expected to be rich.

I'll continue to buy at my local store or tesco, it's cheaper, safer to consume at home and away from the bargirls and scams. Thanks for the tip but no Thanks. If inflation goes up with the money printing idea no one will be in the bars.

[phomsanuk]

As long as there is enough foreign currency coming in to Thailand we can print a lot of Baht. Thailand easily lands a billion US$ a month on money sent by Thai living abroad, farang spending a foreign pension or income here and the inccidental girlfriends getting some support. This comes at virtually no expense what soever. On top of that there is, even after the floads, a lot of export that is generated at by now even lower wages than in China. Dream on about a lower Baht, this won't happen any time soon!

My sentiments exactly.

[BigJohnnyBKK]

I'm wondering how this country would be without money foreigners are spending? Not just for holidays, also houses, cars and more for the family....

It is a huge proportion of cash income for certain areas of upcountry Isaan, I've seen villages where I'd say over half, the local OTOP being teenage lovelies being sent out to catch farang. . .

But the non-tourist side of things is a tiny drop in the ocean against overall GDP.

[mogoso]

Incredible fiscal discipline.

This is only possible in Thailand

Printing more money for such reasons. The only thing will happen is that more millions will stick to some fingers of bastards who don't really care about sending funds to people who really need it. This are really scrupulous b*st*rds, mostly housing in Parliament

You are kidding only in Thailand. Many countries including the US are doing this. Obama promised not to do it, but a promise made by a progressive is broken as it is given. Liberals need money to spend on projects to help someone or something it's a form of vote buying. Makes them popular with the low or non paying citizens and the academic elites

[phiphidon]

Financial discipline and mutiple rounds of QE policy don't go well together in my head. Besides the goverment has not said anything about printing more money. It just the oppsition cries wolf again I think....

As usual, the headline is misleading. These TV "news flashes" are about as tabloid as you can get without resorting to pure fiction!

The headline is right on the button, I read it like this.

Govt debt policy will make the currency.

Worthless Opposition warns about dangers of printing money.

[SantiSuk]

I wouldn't mind weaker baht, but somehow I don't think there would be anything near 75baht for a £

With the greater financial discipline within the UK, and the strong sense of urgency, as well as sound policies, for overcoming its current problems - far more than within the EU - there is no fundamental reason why we should not see the heady days of THB 75 to the GBP once again.

I wish!

With the UK heading into recession and growth rates in SE Asia likely to far outstrip the UK for years (decades?) to come, I think there is that very fundamental reason why we will not see 75 baht to the pound again. I would love to be the counterparty to your currency bet!

The story does illustrate though how the real effect of the floods has not yet been absorbed by the currency and stock markets. Having sold out of the SET in November (after which the market has drifted back up a few percent) I am now looking for the SETback I expected before going back in. Long term I need to have a significant chunk of assets in Thailand or SE Asia, since Thailand is where I intend to live and die.

I could still be wrong of course, it never pays to be a self-congratulatory investor, particularly before the event

[thaibeachlovers]

When I first starting coming to Thailand regularly, there were 44 THB to the $. my friend, that was stationed at the US base in Udon in the early 70s told me there were 2 THB to a nickel so that works out to 40 THB to the $. The lowest point for exchange I remember was about 2005-2006 when there were about 26 or 27 THB to the $. Naturally, that's when my house was under construction.

The "exchange rate" is irrelevant. The only thing that counts is the VALUE of your currency to the baht; ie if a dollar bought a big mac in Thailand in 1990 how many $ does it take to buy a big mac today? I use a different "value calculator" ( which I'm not going to identify on here ) and by that method the cost increase here against sterling has been over 100 % since the early 90s.

Edited January 5, 2012 by thaibeachlovers

[thaibeachlovers]

The only body to charge that the government will print more money is the opposition. I am no fan of the current government, but it has not said it will simply print money...and it won't, given the need for economic stability in the face of ASEAN requirements and the changes which will occur in 2015.

Opposition's oppose and destabilise and the best way to destabilise a government is to constantly speculate about the failure of the economy.

Sniping from a position of safety is the realm of oppositions throughout the democratic (or in Thailand's case, quasi democratic) world. Belief in headline grabbing statements made by people with limited authority and little responsibility, is the province of fools.

What you can't seem to see is that the PTP will do anything and everything to bring their almighty TS home from the UAE. The public be damned. Unfortunately, the public cannot see how much damage that man actually wreaked on the economy.

Please provide legit documented example of how he "damaged" the economy

I can't give you finance related "proof", but any perusal of newspapers in Pattaya at the time he was in power showed a marked increase in crime, which, IMO, was because his policies were driving the tourists away resulting in a decrease in money going into the hands of the poor Thai worker there.

[tropo]

When I first starting coming to Thailand regularly, there were 44 THB to the $. my friend, that was stationed at the US base in Udon in the early 70s told me there were 2 THB to a nickel so that works out to 40 THB to the $. The lowest point for exchange I remember was about 2005-2006 when there were about 26 or 27 THB to the $. Naturally, that's when my house was under construction.

Your memory ain't good.

It ranged between 42 and 35 for the 2005-2006 period.The first time it dipped below 30 was in July 2007, and then very briefly and never below 29.

[diehard60]

"supporting villages and local governments,"

Is that the reason the villages became red so that they would not have to be self supporting?

99% of them are self supporting. Even if their incomes are well below the country's average.

[Moruya]

Financial discipline and mutiple rounds of QE policy don't go well together in my head. Besides the goverment has not said anything about printing more money. It just the oppsition cries wolf again I think....

As usual, the headline is misleading. These TV "news flashes" are about as tabloid as you can get without resorting to pure fiction!

The headline is right on the button, I read it like this.

Govt debt policy will make the currency.

Worthless Opposition warns about dangers of printing money.

Gonna put your money where your mouth is and invest in the THB?

[mosan]

When I first starting coming to Thailand regularly, there were 44 THB to the $. my friend, that was stationed at the US base in Udon in the early 70s told me there were 2 THB to a nickel so that works out to 40 THB to the $. The lowest point for exchange I remember was about 2005-2006 when there were about 26 or 27 THB to the $. Naturally, that's when my house was under construction.

I was at Udorn Royal Thai Airbase in the early 70's and it was 20 Baht to the Dollar and I've been living here in Ubon since the early 2000's and on Jan 5, 2005, it was 39 to 40 Baht to the Dollar on through 2006.

[clockman]

I'm wondering how this country would be without money foreigners are spending? Not just for holidays, also houses, cars and more for the family....

Well Pattaya provides social security for lots of people in Isan

[12DrinkMore]

I wouldn't mind weaker baht, but somehow I don't think there would be anything near 75baht for a £

With the greater financial discipline within the UK, and the strong sense of urgency, as well as sound policies, for overcoming its current problems - far more than within the EU - there is no fundamental reason why we should not see the heady days of THB 75 to the GBP once again.

- With the greater financial discipline within the UK

- and the strong sense of urgency

- as well as sound policies

-there is no fundamental reason why we should not see the heady days of THB 75 to the GBP once again

Your post displays an immense confidence in the UK government and Merv's policies and the complete opposite in Thailand's government to continue its successful administration of the country.

Dream on. The West will be in a permi-recession for the foreseeable future. Just bumping along the bottom.

[leicester]

Can anybody advise how the public can see where the US and UK aid was spent that was given and intended for the flood victims?

Until there is transparency in spending across the board here, there will always be corruption. (This modern approach will never happen as long as the old guard are filling their pockets).

Just look at what is happening with the conflict over land on Sukhumvit soi 24.

Explain to me how these people are Buddhist again?

[geriatrickid]

Can anybody advise how the public can see where the US and UK aid was spent that was given and intended for the flood victims?

Until there is transparency in spending across the board here, there will always be corruption. (This modern approach will never happen as long as the old guard are filling their pockets).

Just look at what is happening with the conflict over land on Sukhumvit soi 24.

Explain to me how these people are Buddhist again?

There was and is transparency in respect to the aid provided. I suggest you go and look at the respective government press releases. Typically the monies are spent on the purchase of goods and services from the donors.

Here is the explanation of the $10million aid package given in November (from US State Dept. news release);

We will increase local civilian emergency response and disaster preparation capacity by providing funding for water pumps for flood recovery, training and equipping first responders, supporting health recovery efforts, and expanding flood early warning systems. We will train police and other first responders in disaster response and provide equipment like generators, survival kits, and life vests. The United States is consulting with the Thai Government on how we can best assist in restoring important cultural sites, including the ancient capital and World Heritage Site at Ayutthaya, which have been damaged by the floods. We will involve U.S. experts to conduct damage assessments and work with Thai organizations to enlist support from the U.S. Ambassador’s Fund for Cultural Preservation.

This assistance supplements what the United States provided in October when the flooding reached a critical stage. At that time, we provided boats, marine engines, and life vests to the Thai police for their enforcement efforts in a disaster environment, assisting flood victims and securing property and flood barriers. In addition to $1.1 million in direct humanitarian assistance, the United States Agency for International Development (USAID) provided technical support to the Thai Government’s Flood Response Operations Center. USAID and U.S. military humanitarian assessment survey teams, including the U.S. Marine Corps HAST out of Okinawa, conducted numerous assessments of flood-affected areas. The USS Mustin conducted 69 helicopter survey missions with the Thai military, worked with local communities, and donated blood and relief funds. The United States Pacific Command also provided up-to-date satellite imagery of the stricken areas to assist in flood predictions and mitigation operations by the Thai military and civilian authorities.

The employees of the U.S. Embassy in Bangkok worked to help flood victims even as some of their own homes were flooded. American and Thai staff members packed and delivered food, donated blood, and gathered supplies. Many in the embassy community also opened up their homes for colleagues displaced by the flooding. Sailors from the USS Mustin donated personal funds to the flood effort.

I don't think you can get more explicit than the above. Not much wiggle room for corruption or misappropriation of funds either. Check out the UK press release for more of the same. Also many foreign governments directly funded NGOs like the Red Cross and WHO which was facilitating distribution of medical resources. Please be fair. All parties were trying to do the right thing here.

[Macmundi]

Of course thai baht is worth nothing. Most of them are stolen money or laundered money.

[TAWP]

Typical how posters are just interested in their currency,s rate to the baht.Expat retirees no doubt.Some of us are working here and have salaries in baht so dont want the country,s currency devalued.

Posted with Thaivisa App http://apps.thaivisa.com

Indeed - sure, the retired lot will be 'happy', since their founds will cover more locally produced beer and lap-dances, but most of us that live and work here not only would like to see that our salaries aren't gutted in the global market comparably (opens up for so much renegotiation about contracts) but also that the imported goods we purchase (of which there are a lot, both technology and food) don't have their prices shoot up through the roof.

Not all the expats spend thier funds on beer and bargirls, some of us have never even seen a bargirl in action and wouldn't know where to find one. Your stereotyping expats as drunken sexpats. These are generally the tourists and not the family guys in Thailand.

I wasn't stereotyping expats as that, far from it.

I was stereotyping retirees that cheer the decline of the Baht as such.

[TAWP]

It is clear that you do not need much of a brain or must graduate with Chulalongkorn to write an article like this. For the Nation's information. The European Union is criticized for not printing money. All bourse people in London and New York demand that the ECB print money.

The Bank of England and the FED are printing money since 1998. They call it Quantative Easing or use similar terms.

Printing money does make the currency cheaper. That is good for economic growth ask the Chinese how they keep their currency low, they do it by pegging it to the dollar. Given the fact that the markets will sons start looking at the mess in the UK and the US which is ten times worse than in the EU. The Thai currency would not feel the slightest pain.

If the NAtion has a ashore to settle it might be useful to use a journalist with real knowledge on the subject. in the meantime they could maybe focus on article 112.

With your amazing understanding of finance it's a real shame the PTP haven't swept you up.

What do you disagree with?

Apart from the incorrect info he posted, as outlined in other places, I am amazed how anyone can push for over-printing of money, as it also increases inflation.

And inflation hurts the poor people the most.

So much for being in favour of the little guy, you too.

[pastitche]

I wouldn't mind weaker baht, but somehow I don't think there would be anything near 75baht for a £

With the greater financial discipline within the UK, and the strong sense of urgency, as well as sound policies, for overcoming its current problems - far more than within the EU - there is no fundamental reason why we should not see the heady days of THB 75 to the GBP once again.

- With the greater financial discipline within the UK

- and the strong sense of urgency

- as well as sound policies

-there is no fundamental reason why we should not see the heady days of THB 75 to the GBP once again

Your post displays an immense confidence in the UK government and Merv's policies and the complete opposite in Thailand's government to continue its successful administration of the country.

Dream on. The West will be in a permi-recession for the foreseeable future. Just bumping along the bottom.

Has nobody yet realised that the poster GeorgeO might be using that name because he truly believes that George Osborne, the UK Chancellor of the Exchequer,will succeed in guiding his country to recovery - or maybe he's taking the piss?

[Bobinyangdor]

I wouldn't mind weaker baht, but somehow I don't think there would be anything near 75baht for a £

With the greater financial discipline within the UK, and the strong sense of urgency, as well as sound policies, for overcoming its current problems - far more than within the EU - there is no fundamental reason why we should not see the heady days of THB 75 to the GBP once again.

- With the greater financial discipline within the UK

- and the strong sense of urgency

- as well as sound policies

-there is no fundamental reason why we should not see the heady days of THB 75 to the GBP once again

Your post displays an immense confidence in the UK government and Merv's policies and the complete opposite in Thailand's government to continue its successful administration of the country.

Dream on. The West will be in a permi-recession for the foreseeable future. Just bumping along the bottom.

Has nobody yet realised that the poster GeorgeO might be using that name because he truly believes that George Osborne, the UK Chancellor of the Exchequer,will succeed in guiding his country to recovery - or maybe he's taking the piss?

Maybe he IS George Osborne

[lockman]

When I first starting coming to Thailand regularly, there were 44 THB to the $. my friend, that was stationed at the US base in Udon in the early 70s told me there were 2 THB to a nickel so that works out to 40 THB to the $. The lowest point for exchange I remember was about 2005-2006 when there were about 26 or 27 THB to the $. Naturally, that's when my house was under construction.

Actually in the early 1970-73 the Baht was pegged to the USD at 20.8 and there were a couple occasions when you could not convert for a couple weeks as it was "floated", and re stabilized from 19-21 Baht to USD and was fairly stable until the 90's Asian Financial Crisis. Your friend may have got a good deal during that floating time as some people panicked and were crazy swapping but not at any legal currency exchange.

[mca]

Either that or George Orwell. Wait a minute. He's dead. My bad.

[guyshown]

The only body to charge that the government will print more money is the opposition. I am no fan of the current government, but it has not said it will simply print money...and it won't, given the need for economic stability in the face of ASEAN requirements and the changes which will occur in 2015.

Opposition's oppose and destabilise and the best way to destabilise a government is to constantly speculate about the failure of the economy.

Sniping from a position of safety is the realm of oppositions throughout the democratic (or in Thailand's case, quasi democratic) world. Belief in headline grabbing statements made by people with limited authority and little responsibility, is the province of fools.

What you can't seem to see is that the PTP will do anything and everything to bring their almighty TS home from the UAE. The public be damned. Unfortunately, the public cannot see how much damage that man actually wreaked on the economy.

Please provide legit documented example of how he "damaged" the economy

I can't give you finance related "proof", but any perusal of newspapers in Pattaya at the time he was in power showed a marked increase in crime, which, IMO, was because his policies were driving the tourists away resulting in a decrease in money going into the hands of the poor Thai worker there.

Hmm.. so basically you are now switching to say that he drove away tourist? You are bouncing all around Mate and not giving any specifics or factual information just general statements. When I have more time will research the crime statistics for the period he was in office. As in reality certain portions of crime was really being dampered during his term. Infact if you look at arrest stats I am sure that they will be higher when he was in office.. for the simple fact of his war on drugs. I do believe that the press and media had far more to report on at the time because he was making a impact on criminal activities hence the papers had far more articles to publish. All the best enjoy the banter and have a great day

[hellodolly]

Can anybody advise how the public can see where the US and UK aid was spent that was given and intended for the flood victims?

Until there is transparency in spending across the board here, there will always be corruption. (This modern approach will never happen as long as the old guard are filling their pockets).

Just look at what is happening with the conflict over land on Sukhumvit soi 24.

Explain to me how these people are Buddhist again?

There was and is transparency in respect to the aid provided. I suggest you go and look at the respective government press releases. Typically the monies are spent on the purchase of goods and services from the donors.

Here is the explanation of the $10million aid package given in November (from US State Dept. news release);

We will increase local civilian emergency response and disaster preparation capacity by providing funding for water pumps for flood recovery, training and equipping first responders, supporting health recovery efforts, and expanding flood early warning systems. We will train police and other first responders in disaster response and provide equipment like generators, survival kits, and life vests. The United States is consulting with the Thai Government on how we can best assist in restoring important cultural sites, including the ancient capital and World Heritage Site at Ayutthaya, which have been damaged by the floods. We will involve U.S. experts to conduct damage assessments and work with Thai organizations to enlist support from the U.S. Ambassador’s Fund for Cultural Preservation.

This assistance supplements what the United States provided in October when the flooding reached a critical stage. At that time, we provided boats, marine engines, and life vests to the Thai police for their enforcement efforts in a disaster environment, assisting flood victims and securing property and flood barriers. In addition to $1.1 million in direct humanitarian assistance, the United States Agency for International Development (USAID) provided technical support to the Thai Government’s Flood Response Operations Center. USAID and U.S. military humanitarian assessment survey teams, including the U.S. Marine Corps HAST out of Okinawa, conducted numerous assessments of flood-affected areas. The USS Mustin conducted 69 helicopter survey missions with the Thai military, worked with local communities, and donated blood and relief funds. The United States Pacific Command also provided up-to-date satellite imagery of the stricken areas to assist in flood predictions and mitigation operations by the Thai military and civilian authorities.

The employees of the U.S. Embassy in Bangkok worked to help flood victims even as some of their own homes were flooded. American and Thai staff members packed and delivered food, donated blood, and gathered supplies. Many in the embassy community also opened up their homes for colleagues displaced by the flooding. Sailors from the USS Mustin donated personal funds to the flood effort.

I don't think you can get more explicit than the above. Not much wiggle room for corruption or misappropriation of funds either. Check out the UK press release for more of the same. Also many foreign governments directly funded NGOs like the Red Cross and WHO which was facilitating distribution of medical resources. Please be fair. All parties were trying to do the right thing here.

sorry GT

I just skimmed through the article. It started off with we will. Not we have. At that point I kinda tuned it out.

[leicester]

Can anybody advise how the public can see where the US and UK aid was spent that was given and intended for the flood victims?

Until there is transparency in spending across the board here, there will always be corruption. (This modern approach will never happen as long as the old guard are filling their pockets).

Just look at what is happening with the conflict over land on Sukhumvit soi 24.

Explain to me how these people are Buddhist again?

There was and is transparency in respect to the aid provided. I suggest you go and look at the respective government press releases. Typically the monies are spent on the purchase of goods and services from the donors.

Here is the explanation of the $10million aid package given in November (from US State Dept. news release);

We will increase local civilian emergency response and disaster preparation capacity by providing funding for water pumps for flood recovery, training and equipping first responders, supporting health recovery efforts, and expanding flood early warning systems. We will train police and other first responders in disaster response and provide equipment like generators, survival kits, and life vests. The United States is consulting with the Thai Government on how we can best assist in restoring important cultural sites, including the ancient capital and World Heritage Site at Ayutthaya, which have been damaged by the floods. We will involve U.S. experts to conduct damage assessments and work with Thai organizations to enlist support from the U.S. Ambassador’s Fund for Cultural Preservation.

This assistance supplements what the United States provided in October when the flooding reached a critical stage. At that time, we provided boats, marine engines, and life vests to the Thai police for their enforcement efforts in a disaster environment, assisting flood victims and securing property and flood barriers. In addition to $1.1 million in direct humanitarian assistance, the United States Agency for International Development (USAID) provided technical support to the Thai Government’s Flood Response Operations Center. USAID and U.S. military humanitarian assessment survey teams, including the U.S. Marine Corps HAST out of Okinawa, conducted numerous assessments of flood-affected areas. The USS Mustin conducted 69 helicopter survey missions with the Thai military, worked with local communities, and donated blood and relief funds. The United States Pacific Command also provided up-to-date satellite imagery of the stricken areas to assist in flood predictions and mitigation operations by the Thai military and civilian authorities.

The employees of the U.S. Embassy in Bangkok worked to help flood victims even as some of their own homes were flooded. American and Thai staff members packed and delivered food, donated blood, and gathered supplies. Many in the embassy community also opened up their homes for colleagues displaced by the flooding. Sailors from the USS Mustin donated personal funds to the flood effort.

I don't think you can get more explicit than the above. Not much wiggle room for corruption or misappropriation of funds either. Check out the UK press release for more of the same. Also many foreign governments directly funded NGOs like the Red Cross and WHO which was facilitating distribution of medical resources. Please be fair. All parties were trying to do the right thing here.

sorry GT

I just skimmed through the article. It started off with we will. Not we have. At that point I kinda tuned it out.

EXACTLY!

[leicester]

Geriatric Kid, we want to be able to see exactly where the money has been spent, not where they say they will spend the money. Do you believe politicians?

[luangtom]

When I first starting coming to Thailand regularly, there were 44 THB to the $. my friend, that was stationed at the US base in Udon in the early 70s told me there were 2 THB to a nickel so that works out to 40 THB to the $. The lowest point for exchange I remember was about 2005-2006 when there were about 26 or 27 THB to the $. Naturally, that's when my house was under construction.

When I was stationed in Thailand, during the course of the conflict in Vietnam, the baht to dollar ranged around 20 to the dollar. My wife returned to visit her family in 1983 and it was up to 25 per dollar. I returned to visit for the first time in 1998 and it was 54 to the dollar. I never remember it being anywhere close to 40 to the dollar during the 1970's.